@GoodThings2Life: Assuming your on 2007, moving to 2010 for your users should now be a minimal impact with the Mailbox Sync process instead of just a move.
I've been and Exchange admin for over 11 years, in that time I've only done a 5.0 to 5.5 inplace upgrade and was very jr at the time. Historically speaking, Exchange is very hard on hardware, even in a small company, and the reliability of the Exchange hardware is typically paramount in a lot of companies.
Also consider, MS doesn't recommend performing offline defrags any more, and prefer you to create a new DB and move the mailboxes. After a year or two or three, hidden corruption builds up in DB's, that even OD doesn't clean out.
If you're still running 2003, you definately want to be running new hardware for 2010.
On the plus side, SMB can now do full Exchange redundancy with 2010 with only 2 servers, where 2007 required 4. Sell your company on setting up the new 2010 server, move the mailboxes, and reset your old box, assuming it's still meets the HW requirements, as a second CAS/HT/MBX w/DAG for HA and FT.