After I posted this I thought it might not be wise to run exchange in a VM, so it's good to see your responses, and that people are doing this.
I'm curious what is required to recover, I know this is a VMware forum, but if the stores and logs are on a SAN, then isn't it feasible to simply restore the VM and reconnect the same drives to the SAN?
I agree that normal tape backup is necessary, but if a copy of a VM can be restored, then exchange will be running, and should recover once the SAN is attached.
There is also VSS to consider.....