EqualLogic Auto-Snapshot Manager is installed on the Exchange server. It creates the snapshot on the EQL box when prompted to by Backup Exec. The Backup Exec job is configured to use Advanced Open File Option - Microsoft Volume Shadow Copy Services - Automatic.
When the job runs, a snapshot is created on the EQL box, then the backup server connects directly to the snapshot volume on the EQL box to do the backup. This decreases backup time a lot since the backup doesn't have to "pass thru" the Exchange server.
However, in 10d, this means you can't restore to the Recovery Group and you are back to old-school of having to build up a separate domain and Exchange server to do the restore. It is looking like we will need to use the Snapshotting combined with GRT in 11d to be able to restore properly.