This Exchange TechNet Wiki page includes a feature comparison table that compares features between Exchange Server 2003, 2007 and 2010.
Feature:
Exchange 2003
Exchange 2007
Exchange 2010
64-Bit Architecture
No
Yes
Administrative Groups
No - Uses Universal Security Groups
Anti-Spam agents on Hub Transport Server and Edge Role
Calendar Repair Assistant
Cluster Continuous Replication (CCR)
No - use DAG and Mailbox Database Copies
Clustered Mailbox Server
Yes (Improved)
Continuous Background Online Defragmentation
Database Availability Groups (DAG)
Disclaimers
End User End-To-End Message Tracking
Event Service
Exchange Certificate wizards
Exchange extensions in Active Directory Users and Computers
Exchange Installable File System (ExIFS)
Exchange Management Shell
Exchange Management Shell Command Log
Federated Sharing
No – Requires at least one Exchange 2010 CAS in org
Incremental Deployment
Incremental Resync
Intelligent Message Filter
No - replaced by Content Filter Agent
iSCSI support
Larger and Sequential I/O
Larger Page Size (32 KB)
Legal Hold
Link State Routing
Local Continuous Replication (LCR)
Mailbox Database Copies
Mailbox Folder Permissions Management
Mailbox Management Service
No - Use Messaging Records Management
No - Use MRM or Retention Policies
Mailbox Merge Wizard (Exmerge.exe)
No (not tested/supported Exchange team)
Mailbox Recovery Center
Use Exchange Server Disaster Recovery Analyzer
MailTips
Message Tracking Center
Use Exchange Server Mail Flow Analyzer
Messaging Records Management
Moderated Distribution Groups
Moderated Transport
Monitoring and Status Node
Multi-Mailbox Search
Network-Attached Storage
NNTP
Online Background Database Scanning (check-summing)
Online Move Mailbox
Optimize for Commodity Storage (SATA)
Personal Archive
Property Dialog Command Exposure
Public folder access using IMAP4
Public folder access using NNTP
Recipient Update Service (RUS)
No (but... E-mail policy)
No (but..)
Recovery Storage Group
No - use Recovery Database
Role Based Access Control
Routing Group based Mailflow
No - Uses Active Directory site-based routing
Routing Objects
Send mail to Recipients from Exchange Management Console
Shadow Redundancy
Standby Continuous Replication (SCR)
Storage Groups
Transport Rules
Transport Rules Integration with AD RMS
Carsten Siemens edited Revision 50. Comment: Fixed misspellings
Richard Mueller edited Revision 48. Comment: Removed (en-US) from title
Satheshwaran Manoharan edited Revision 45. Comment: Format change
Richard Mueller edited Revision 37. Comment: Removed tag. As far as I can tell, this article has never had a TOC. Added Has Table tag.
Satheshwaran Manoharan edited Revision 36. Comment: ++
Satheshwaran Manoharan edited Revision 34. Comment: Format change
Fernando Lugão Veltem edited Revision 29. Comment: correct font style
Ed Price - MSFT edited Revision 17. Comment: Fonts
Kishore Bitra edited Revision 14. Comment: In exchange 2007 RUS is implemented as E-Mail policy.
Jeramy Evers edited Revision 13. Comment: Corrected the No cells that had a green (#90ff90) background to a red (#ff9090) background