Do I need the Backup Exec 2010 VMware Agent plus the Exchange Agent to backup an Exchange VM? Or will the VMware Agent take care of it (minus any granular recovery features; we're looking for disaster recovery options only at the moment)?
(It shouldn't be this hard to figure out an answer to this from Symantec's docs, but I can't get a straight answer)
One big, glaring caveat is that the VMware agent probably won't be aware of the exchange databases, so the logs will not get truncated. If you're comfortable with circular logging, this should be ok.
Edit: See the comments below; it's not a good idea to depend purely on the VMware agent. VMware's VMware Data Recovery product uses the same APIs ("VADP") for backup as Backup Exec 2010, and here's VMware's recommendation on the matter:
While VDR can use the VSS framework to back up Windows guest OS virtual machines it does not contain the required Exchange VSS requestor to properly back up and restore an Exchange mailbox database.
(source)