In general, I love Exchange 2007. I love Exchange 2007 with a love that is brighter than the aggregate IQ of a science fiction convention and stronger than the body odor of the RPG section of that same convention[1].
However, one area of Exchange 2007 that I don't love is public folder management. It is a downright shame that the best interface for managing public folders in Exchange 2007 remains the Exchange 2003 System Manager. Creating a simple public folder in the Exchange Management Shell isn't a problem, but the docs are very weak on practical, usable examples of everyday tasks like adding and removing replicas to existing public folders, or working with the system public folders.
There is a great need for an "Exchange 2007 Administrator's Guide to Public Folders." Unfortunately, I don't see it happening any time soon.
[1]I used to be a freelancer in the RPG industry and I've spent my share of time at conventions. I've even run games at conventions, so I get to make this joke.