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Advice on upgrading from a SBS 2003 Domain

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I currently manage a small domain with 4 servers and about 40 users.  Currently I have a Windows SBS 2003, a Terminal Server, an Accounting (File) Server, and a Document Management (File) Server.  The SBS 2003 server handles Exchange and file sharing of Documents, Profiles, and TS Profiles.  I am reaching the 75GB limit with Exchange and am looking to upgrade to new Servers (or a Single large server and Virtualize each server) with newer Server OS's.  I am wondering if SBS 2011 Premium with Exchange built in is better than getting Server 2008/2012 and installing Exchange separately.  The company is expanding and adding locations across the US so the 75 concurrent user limit in SBSmight be reached within 5-8 years.  I would like to split some of the load the main server now handles into 2 possible servers (5 total).  One with AD, file shares, profiles, etc.. and the other with Exchange.  I know with SBS, its all together, so that would not be possible.  Since I would be upgrading OS's, would I need to buy new CAL's and TS CAL's?  I also would like to know if having multiple physical servers is easier or harder to manage than 1 server with Virtual Servers using either Hyper-V or XenServer.  How hard is Hyper-V to manage?  Advice?

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