As funkusmunkus told it works fine.
Actually this is the ONLY way i put SME to internet. I use IPCOP (for complex installations with many external IPs) or SMOOTHWALL (for simple home cases).
In the begining i were in "SERVER ONLY" mode, ALWAYS in the DMZ (orange) zone of the firewall. By the time i switched to the "SERVER-GATEWAY" mode which is safer and more flexible. You need 2 ETH cards per server...
I put the user PCs in the "GREEN" zone (hub) together with the 1st ETH of the servers (SME and more). And the 2nd ETH of the servers (no users here) to the DMZ zone (hub).
I forward SELECTED ports only to DMZ like 443 you want for https (webmail). I also use pops, imaps and smtps (ssl mail contrib). I also forward sometimes the SSH port but NOT DIRECTLY. I use another port (491 for example) and "map it" to 22 on the server (dmz). And of course 80 (http) for public web.
I have an installation with 3 IPCOPs after the ADSL router (16 internal private IPs), hosting 3 domains, 11 servers and many many users. No problem!
I also use SME on green only. I prefer to have separate servers for web and email (forward the relevant port to the proper server). It is easier to maintain, safer, and allows different user namespace in ftp/ssh amd mail. Hardware is cheap, security/flexibility no...
Hope i helped.
p.s. i use industrial boards from ICP for firewall. 300mhz geode chip, 128 Mb ram, 3 eth, serial, flash card, usb etc...