Actually there are quite a few things PHP can do that ASP cannot! One of the more ironic ones is the fact that PHP can connect to MSSQL in native mode, while ASP must use ODBC, so PHP is actually faster at MSSQL connections. Tha fact that PHP is open source means people are constantly writing modules to do new cool stuff.
Another really fun irony is that www.vb-world.net (a Visual Basic portal) uses PHP.
Seriously, there are a few large sites using PHP with no problem, such as www.alltheweb.com, and Nasa, in some places, and Lycos uses it for music and media searching.
With the new release of the Zend Optimizer and Cache, I seriously doubt ASP can scale like PHP (especially on non-Intel architectures). The reason many of the bigger businesses have not bought into PHP yet is really more a social question than a technical one. They are comforted by the false security of dealing with other big businesses such as M$oft, and are afraid of using software developed by those rag-tag open source people. This attitude is starting to change, though, so don't lose hope.