Exchange 2007 is almost a completely different product from 2003, and its system requirements are quite a bit more demanding. For example, it only runs on Windows Server 2003 64-bit editions, and not very many existing Windows server installations are 64-bit. Not only that, it is more like a completely new product than a new version; Exchange administrators will have to re-learn the product from scratch.
In other words, I wouldn't expect upgrades from Exchange 2003 to 2007 to take place any time soon. Even though I have licenses for 2007 I won't be upgrading my server because its CPU isn't 64-bit capable and I don't want to upgrade the hardware just to add a couple of new capabilities. Exchange 2007 is much better in a new installation on new hardware than it would be in an existing 2003 environment.
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