And who would be stupid enough to run a memory manager on an exchange server? Exchange basically takes all of the user mode memory and manages it itself. Most of the problems come about as a limitation of 32 bit memory structures and not poor management techniques. Now if we are talking about Exchange 5.5 or Exchange 2000 without any service packs, then yes, it did a horrible job at managing memory.

Right now, as long as you watch how your kernel mode memory is being allocated, as in making sure you don't deplete non-paged pool memory, you will not have problems on a properly sized system. Most NPP problems I've come across recently are a result of poorly coded NIC drivers, and problems with the new TCP/IP chimney offloading in windows 2003 Sp2.