Tim,
Yes Exchange 2007 will use the AD Site topology for routing purposes (basically to determine least cost route and where Hub Transport servers are in relation to that least cost route, so that we can either perform a direct connection to the destination server or get it as close as possible, while bifurcating the message at the last possible moment).
Also remember that you need a Hub Transport role in every AD Site where you deploy a mailbox server.
If you have a dedicated site for Exchange today, then chances are you will probably keep it for Exchange 2007 for the same directory isolation boundary.
As far as routing is concerned in that scenario, well the dedicated AD Site will be used as a point of egress for mail leaving the AD site and as a point of ingress for mail entering the AD site. The default configuration of the routing engine in Exchange 2007 will mean that we will try and use direct relay where possible after we bifurcate the message (if multiple recipients are on the same message, split the message into separate messages for the recipients when the least cost route for the recipients diverge) which means we will attempt to send directly to the destination server instead of passing the messages through each Hub Transport server in the least cost route.
Also, you may want to take a look at this: http://www.microsoft.com/technet/prodtechnol/exchange/E2k7Help/959b67fa-2e2d-4115-a9d5-5d009c335dc0.mspx?mfr=true
Hope this helps.
Ross