COM was one of the best realizations of "Component-based Software Engineering" and Brad Cox's "Software-IC" model. It was a binary standard and so components could be written in any language and yet be assured of perfect interoperability provided you followed all the rules/conventions. There was a bunch of boiler-plate for the framework itself but once you understood it, everything was smooth sailing in your language of choice.

One of the things i always advise people is not to focus only on the current way of doing things but to study older well-known libraries/frameworks/architectures/kernels/etc. to really understand "Software Engineering" from many perspectives. That is where insight comes from and real understanding happens.

For people interested in understanding COM, see the classic Essential COM by Don Box.