I have to agree with Matt and Zero also. The shell is a great "nice-to-have" but I should be able to manage my Exchange 2007 with never having to use the shell. Everything you can do with the Shell you should be able to do with the Console.
Another Issue: For the Managed Folders Policies, what if we want a policy on the Inbox, a separate policy on the Deleted Items, and separate policies on each Managed Folder? Is that impossible?
Another Issue: You have to be able to see the stats of each users' mailbox in the console, showing how many messages and how large the overall mailbox is. For informational purposes this is a must. It seems like it wouldn't be that hard to include. This is a stunner when I bring this up with customers and other admins.