When you get down to it, that only averages out to about 120Mb per user.
If you already ran eseutil to compact the database (recently), chances are that running it again will not gain you any more space(even though you have merged mailboxes from 2 different servers). All references I have read state that eseutil is NOT meant to be used as a preventative maintenance tool (i.e. on a frequent basis). Running eseutil to compact the database only makes sense if: 1) a large number of mailboxeshave been delelted since the last compaction process; or 2) You significantly reduce the size of a large number of mailboxes .
Start digging. Look at sizes of individual mailboxes (especially power users). I have seen individual mailboxes of over 1Gb (this user never deleted anything). Look at how users are using Outlook and look at their Outlook settings.
Many users don't realize that just deleting an email may not get rid of it unless either Outlook is set to empty the Deleted Items folder on exit, or they manually empty this folder. I have seen Deleted Items folders with 15,000 items in them.
If you find that users are saving EVERYTHING, you may want to institute mailbox size limits.
Try getting users to archive old email (at least some) in personal folders files (.pst files).
Hope this gives you some ideas.