Here is a short video to demonstrate the Equallogic Smart Copy functionality with Microsoft Exchange. I demonstrate taking the smart copy of an Exchange mail store then recovering a lost email. The demo environment was using an Equallogic PS4000 XV with 2 vSphere hosts, the Exchange server was running as a virtual machine with guest iSCSI attached volumes for the Exchange data and logs.
Please note I am by no means and Exchange expert, I am sure there are better ways / other ways to achieve the same and I am sure other SAN vendors do this in different ways. I am simply displaying the use of the technology.
Virtualised Reality 
I was so pleased with this ability of being able to recover a mailbox I wrote about it also. http://itforme.wordpress.com/2010/07/28/restoring-an-exchange-2007-mailbox-using-equallogics-asmme/