Yes, I do backups of Exchange at the Exchange level and at the brick level. Ironically, Windows' Image backup seems to miss it, which is why it gives me an error message daily. Very strange that Microsoft would do something wacky.
What kills me about Outlook is that in over 15 years, if you click on the button over Inbox (Mailbox - user name), which brings you to what THEY call a home page, it still is the most pathetic window ever.