Current limitations for restoring Exchange 2003 backups to Exchange 2007:
1. Exchange 2003 database backups can not be restored to an Exchange 2007 server
This is due to a Microsoft Exchange limitation. Please refer to Microsoft article http://technet.microsoft.com/en-us/library/bb124039.aspx :
The Exchange 2007 RSG also does not support mounting mailbox databases from previous versions of Exchange Server.
2. Exchange 2003 mailboxes can not be restored to an Exchange 2007 server
3. Restoring individual mailbox items from an Exchange 2003 server backup to an Exchange 2007 server is currently not supported by Symantec.
Note: While this operation is not officially supported by Symantec, some customers have reported success performing this type of restore.
From document http://support.veritas.com/docs/325367
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