Hi friends,
 We all know the release of the Exchange 2007 SP2, making news around the corner. The below is the brief information about the new features that are avaiable with the SP2.
1. VSS Enabled plug-in supports exchange aware backups. WSBExchange.exe is the core plug-in file which gets installed while installing SP2. This feature is only available for exchange 2007 hosted in windows server 2008, since windows server backup feature is not available in the windows server 2003. Though it has some limitations when compared to the third party exchange aware backup application like veritas,etc. For further details check,
2. Enhanced Auditing options available. Using this we can have the granular auditing reports like folder access, message access in a mailbox, etc.
3. Improvement/change in the Schema Update. New Dynamic schema update method has been introduced in SP2, which will check for the conflicts when adding a new property to the schema which in turn will avoid the future conflicts.
4. Public folder quota management is the new improvement. Set-publicfolder is the cmdlet for this particular function.
5. Apart from the above, there are bunch of new cmdlets comes along SP2,
Add-AvailabilityAddressSpace 
Export-Mailbox 
Import-Mailbox 
Move-Mailbox 
New-ActiveSyncVirtualDirectory 
New-ManagedFolder 
Restore-Mailbox 
Set-ActiveSyncVirtualDirectory 
Set-CASMailbox 
Set-IMAPSettings 
Set-OABVirtualDirectory 
Set-OrganizationConfig 
Set-POPSettings 
Set-PublicFolder 
Set-TransportConfig 
Test-ActiveSyncConnectivity 
Test-OwaConnectivity 
Test-WebServicesConnectivity
In the above, some of the cmdlets seems like they are already present before, but which were improved or changed for better purposes in SP2. For eg, in import-mailbox cmdlet is not working as expected when we try for importing mails on particular date basis for large mailboxes.
6. The above mentioned are only the new features, SP2 contains all the bugs fix code which we all rolled out as  a Roll ups.
Hope the above info is useful.
Thanks
Logan
Logu_microsoft@hotmail.com | 971-552596187