Exchange "12" is reviewed in PC Pro UK.  If this is not one of the most spun and apologetic-on-behalf-of-Microsoft reviews I've ever read, emphasis mine:

A year ago, I was furious that the Exchange team hadn't fulfilled what it had practically promised by moving its database store over to SQL Server. But the reality was that SQL Server simply wasn't ready to support such a move, so the team did the right thing - completely revamped the database and brought a lot of SQL Server functionality into the new store engine. Then the team went further, effectively redesigning Exchange Server into a much finer-grained architecture that can cope with bigger workloads. A crucial step here was the move to 64-bit - making 64-bit mandatory is critically important and should make it very clear to all sysadmins that E12 isn't a quick upgrade but something that needs significant planning, development and training. Indeed, it will be hard to countenance any migration to E12 until key team personnel have been through appropriate E12 training.
All this for a new e-mail server?  If all one wanted was just a new e-mail server, aren't there a hundred choices in the market today?  Certainly Microsoft's "low TCO" arguments for Exchange go out the window.  New servers, new architecture components, and nothing delivered during a three-year period that typifies a Microsoft software assurance contract.  And don't forget everything being thrown out with those 32-bit servers...
Let's get the bad news out of the way first - almost everything you knew about Exchange Server, whether the 2000 or 2003 version, no longer applies to E12. Quite a few features have been pulled out of the product and are no longer supported. The list of casualties currently reads something like: Active-Active clustering; routing groups; administrative groups; Outlook Mobile Access; Network News Transfer Protocol (NNTP); public folder access using IMAP4; non-MAPI top-level hierarchies in a public folder store; X.400 Message Transfer Agent (MTA); Microsoft Exchange Connector for Novell GroupWise; Microsoft Exchange Connector for Lotus Notes; Exchange Web forms; ADC (Active Directory Connector); SRS (Site Replication Service); that workflow designer that shipped with ES 2003 SDK; CDO for Workflow; and finally, support for legacy protocols including Named Pipes, SPX, AppleTalk, VINES, UDP and NetBIOS. That's quite a lot of pruning of dead wood.
Indeed.  With all that effort, maybe it's time to migrate to a system with a future...a system that delivers value above and beyond yesterday's news of store-and-forward e-mail.  With Notes/Domino today, you get a ton more value without all this hardware upgrade/architecture change requirement, and then there's all the value of composite applications and SOA in "Hannover" in 2007.  Future-proofing, anyone?

Link: PC Pro: Fortified with E12 >

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