Public folders they do exist in Exchange 2007 but there are rumors that they will be there in the next version also. But you will find out that Microsoft wants to get rid of the Public Folders. On first sight everything looks the same in Exchange 2007, but it isn’t really the same as Exchange 2003. In the past Public Folders can be accessed from Outlook but also via a NNTP-client or IMAP-client. Since Exchange 2007 this isn’t possible anymore. In the RTM version of Exchange there were are few functionalities gone which were available in Exchange 2007. Since the release of SP1 a few functionalities came back. It is possible again to view the Public Folders from OWA again without having a your mailbox hosted on an Exchange 2003 server. In the future Microsoft will fase out Public Folders and will migrate everything to Sharepoint. You can conclude this when you read the trainings manuals from Microsoft. A few years ago it was a fashion to put as many functions in one package. Now a days it looks like it changes roles become seperated again (have a look at Exchange 2007) or even apart software packages.