If we install Forefront Client Security on a Server which already has Forefront for Exchange 2010 is it smart enough to exclude all of the exchange directories/process/file extensions as suggested by this technet article http://technet.microsoft.com/en-us/library/bb332342.aspx?
The configuration if it doesn't seems daunting.
You'd have to check the docs but in general, no - the generic install doesn't know what to exclude for Exchange. I generally leave it to the Exchange install. The server should be pretty well hardened already. I wouldn't double up.