We "successfully" used the Exchange V2 tool this weekend to update about 5k mailboxes. We seemed to have some problems with exceptions to recurring meetings... the original date and time seemed to come back in addition to the rescheduled meeting.
The video on this site was very helpful as was the virtual machine that was provided. We ran one virtual machine for each mailbox being updated. A summary of notes that may help others:
The V1 uninstall was not complete, so the v2 install complained. I deleted some installation things from the registry to get the install to work (and installed to a new c:DSTV2 directory), but since then I have read that both the MSEXTMZ and MSEXTMZCFG tools need to be uninstalled from the original account that installed them.
We set up a new domain account to run this with "Exchange Calendar Update Tool" as its display name so that the meeting notices are sent as "Exchange Calendar Update Tool on behalf of ..." This account was added to an Exchange Recovery Administrator group that we already had that has Receive As permission on each mail store. No first step with running MSEXTMZ and the grant mailbox permission script.
The V2 MSEXTMZCFG tool was improved to allow the simple server name to be entered, but that had the effect of giving an error if you followed the old instructions for entering the legacy DN, including the same message as if you had typed the DN wrong. It might have been nice to accept either one, especially after struggling to get it right with v1, but no harm as long as you know.
The last thing was that we haven't rolled out Outlook 2007 or Exchange 2007, so about half of the mailboxes ended up in NonExistent.txt. Added the time zone and ran them back through for a second run of MSEXTMZCFG.