The new drive (usually M is part of the installable file system (IFS) and Exchange 2000 uses it to expose the message stores for web (OWA) and file access. If you browse to it you will see mailboxes, etc.
If you don't need it it can be removed - but don't unless you know you don't need it. The following link shows how to remove it and has links to other articles that identify issues (such as virus scanning) that should be addressed as well if you do use it.
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