I've been tooling around with Small Business Server 2011, and just as a thought I tried using Exchange Management Console (2010) to connect to my Live@Edu forest.
And it worked! Either I've been exceptionally ignorant or Microsoft haven't publicised this as well as they could have. The one major thing that I found missing from Live@Edu was the GUI management console, as PowerShell can be a bit of a pain at times.
Did anyone else know that this worked?!