One of the two new "log shipping" features in Exchange 2007 is called Local Continuous Replication.  In my blogcast at http://msexchangeteam.com/archive/2006/05/24/427788.aspx, you can see this feature in action.  Note that the video is high resolution and runs just over 21 minutes, so I recommend that you use the download link and play it locally on your PC in full screen.

Enjoy!