@Ajay -
1. When you set the option to "Least Current Request", then the traffic is distributed based on the current number of HTTP requests between ARR and each of the CAS servers. Requests are routed to the server with the least number of current HTTP requests.
This article would give you additional information on the available Load Balancing algorithms in IIS ARR.
http://technet.microsoft.com/en-us/library/dd443524.aspx
2. http://www.iis.net/learn/extensions/configuring-application-request-routing-(arr)/achieving-high-availability-and-scalability-arr-and-nlb
www.iis.net/.../achieving-high-availability-and-scalability-arr-and-nlb
@Keith - Make sure that EWS External & Internal URL's have been published correctly. Run, Get-WebServicesVirtualDirectory to see the namespace EWS is published on.
Example: https://mail.tailspintoys.com/EWS/Exchange.asmx