In Exchange 5.5 permissions can only be granted at the Folder level.
In Exchange 2000, the permissions found in Exchange work hand-in-hand with the Access Control Lists found in the Windows 2000 NTFS. This gives the extra added security to control access down to the message or document level.
Now to Delegates. You can control what access they have to each folder either by manually going to the folder or by using the delegate tab. The access can be from 'read only' to 'editor'. You also have the ability to grant the Delegate 'Send on behalf', which means the delegate can send a message under his/her name but on your behalf. This is differen tthen the 'Send-as' which is controlable in the MS Exchange Admin permissions. Setting this allows a message with out knowledge to the accoutn owner to be sent out as the account owner. 'Send as' should only be used for resource accounts and not used for 'regular' account holders - for these use the 'Send on behalf'.
Probably clear as mud.
Good luck.