Exchange 2007 has been splited based on Server Roles so if you require any specific function on a server then it can be placed on indivudial server based on your requirement, Exchange architecture, performance, management or your organization's policies.
We used to set Front-End and Back-End server roles in Exchange 2003 but Exchange 2007 introduces five roles for an Exchange organization.
- Mailbox
 - Hub Transport
 - Edge Transport
 - Client Access
 - Unified Messaging
 
Brief overview of each roles are below.
1. Mailbox Server
- Use for holding all Exchange Database - Mailbox & Public Folder (optional).
 - It should be part of Domain & AD.
 - 50 Storage Groups & 50 Mailbox Stores in each Storage Groups.
 - STM File architecture has been removed.
 - Proper backup recovery plans should be in place for High Availability.
 
2. Hub Transport Server
- Responsible for internal mail flow. (Same like Bridgehead in Exchange 2003).
 - It should be part of Domain & AD.
 - Incoming Mail Flow : Mailbox <- Hub Transport <- Edge Transport <- Internet.
 - Outgoing Mail Flow : Mailbox -> Hub Transport -> Edge Transport -> Internet.
 - Hub Transport can be placed instead of Edge Transport and can act for the similar function.
 - Transport Agents, AntiSpam, AntiVirus can be enabled.
 - Disclaimer can be set on.
 - One Hub Transport role should be placed at a AD Site for good architecture.
 
3. Edge Transport Server
- Should be placed in Edge of your organization ( in workgroup / DMZ / perimeter ).
 - Should NOT be a member of Domain & AD.
 - ADAM ( Active Directory Application Mode ) provides AD information to Edge Transport server with help of Exchange component "EdgeSynch" by creating one way synchronization (from Domain to Edge Server).
 - ADAM & EdgeSynch provides AD recipient information & SPAM filtering efficiency.
 - Provides better Anti-spam and Anti-virus protection with help of connection filtering, content filtering, recipient filtering, SenderID, sender and IP reputation.
 - Edge Transport Rules to protect Exchange environment, based on SMTP and MIME addresses, words in the subject and message body, and SCL rating.
 - Address rewriting feature allows to modify the SMTP address on in/out-bound mail.
 
- Client Access Server was known as a Front End in Exchange 2003.
 - It should be part of Domain & AD.
 - Handles all the milbox access request comes from
 
- Outlook Anywhere - Application (like Outlook 2003 or 2007).
 - MAPI, POP3 or IMAP4 client - like Outlook Express and Eudora
 - Exchange ActiveSync - Mobile devices ( like Windows Mobile 5 Smartphone, pocket PC or any other device).
 - Outlook Web Access (OWA) including Sharepoint & UNC access.
 
- Clietn Access provides Autodiscover mailbox location for Microsoft Outlook 2007.
 
5. Unified Messaging
- Merge VoIP environment with Exchange.
 - Requires VoIP Gateways or PBXes to connect with Exchange.
 - Access Voice Mails by using OWA.
 - Outlook Voice Access provides below things.
 
- Listen voicemails.
 - Forward or reply to messages.
 - Get emails automatically & read via text-to-speech interface.
 - Get calendar information.
 - Accept or reply to meetings.
 - Set voicemail Out-of-Office messages.
 - Access or dial contact.
 - Reconfigure the lite settings on the mailbox.