Looks like this is going to be a major pain in the rear and here are some of my first experiences with it:
Luckily my company provided some sort of standard for Exchange 2007 , a basically step-by-step guide for Idiots on how to install it :)
However, many pitfalls lie ahead of me....
It appears upgrading 2003 to Exchange 2007 and existing Cognos conflict since the latter is making changes to schema during it's install.
More exactly problem is described here
However, in my case the resolution was slightly deferent than the one suggested :
Lookup in your exchange setup files directory :
\setup\serverroles\common\setup\data for 4 files:
postexchage2000_schema36.ldf , postexchage2003_schema44.ldf, postexchage2003_schema65.ldf and schema82.ldf
Find in each one CN=ms-Exch-Mobile-Mailbox-Policy-Link entry and modify it's LinkID attribute from 1058 to 11900 and "CN=ms-Exch-Mobile-Mailbox-Policy-BL" and it's LinkID from 1059 to 11901.
Repeat this for each of files above.
Finally Congnos and Exchange 2007 will co-exist !!!
/PrepareAD awaits me ...