Hi Ness
I've 4 clients using SME this way, just as additional Spam and AV protection for Exchange.
The SME accepts Port 25 from the Router / Firewall, and forwards mail to the "Internal mail Server" under E-Mail in Server Manager.
Two of these installations are actually running on the SBS server, in VMWare Server (1.0!!!).
Two years no probs, and happy clients able to use mail. Before we put in the SME, the boss got >100 Spams a day on his personal mail, the info account had much more!!!
My 2 cents!!!
Andy Wismer