I have an archive folder (in the Exchange 5.5 store) that has around 600,000 mail items that I access via Outlook 2003. The server containing the mailbox is a Celeron 2.4 Ghz with IDE drive and changing the sort order takes around 20-30 seconds. You wouldn't want such a folder to be your primary mail folder, but such folders are certainly manageable with recent hardware.
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