We went with a cluster of 2x blade DELL PowerEdge 1850, with a CX300 for storage, for a medium size company busy Exchange (~400 mailboxes in EMEA region up to 600MB each, normal average size 150MB).
Everything was assembled by the book -- Q: quorum drive on CX300, logs and databases on separate drives, RAID 0+1 for DB and RAID 1 for logs.
We also have a NAS storage server for files, but Exchange does not use it. We have them separate, because if we chose to have just one storage, we'd have the software licensing costs go steeply up -- and NAS was in place. NAS also has a high-speed tape unit (PowerVault 122) -- they came together in a bundle.
Exchange Cluster works great, and I enjoy the fact that I can perform emergency maintenance on servers right in the middle of working day -- just move the cluster resources to another server -- no more than 15 seconds downtime for users. (Of course it's still best to wait till the end of working day :).
The backup scheme is Disk-Disk-Tape -- first a backup of storage databases is put on a separate drive, then in background it's moved onto NAS file storage, and from there it goes to the Tape Unit. As a result, we have triple reservation and don't load Exchange servers for the extended period of time as Disk operations are very fast. Quick recovery if needed (we have performed some drills for it using Exchange 2003 SP1 recovery groups). So far, so good.