Exchange Server 2007 registers most of its activity in specific logs that can be later analyzed for troubleshooting, forensic analysis or just to gather statistical information. The transport logs are very useful for any of the purposes previously mentioned, but since the volume of data written to disk can be quite large, it's a good practice to relocate these logs (the default path is C:\Program Files\Microsoft\Exchange Server\TransportRoles\Logs).
Here's a list of the necessary PowerShell cmdlets:
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Set-TransportServer -Identity: -ReceiveProtocolLogPath
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Set-TransportServer -Identity: -SendProtocolLogPath
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Set-TransportServer -Identity: -MessageTrackingLogPath
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Set-TransportServer -Identity: -RoutingTableLogPath