Update rollup 2 for Exchange 2007 is now available
Microsoft released new update rollup for Exchange Server 2007 on 5th of May. This update is cummulative update and includes Update rollup 1. Update can be downloaded from Microsoft Update (not Windows Update), which includes Exchange patches or downlload it from KB935490.
Check known issues section of KB article http://support.microsoft.com/?kbid=935490 before applying this update.