I recently connected a Mac running Snow Leopard to an existing Exchange 2007 Account with TONS of folders. I have tried using that "plus" button at the bottom pane to create a new folder like I was able to do on an IMAP account, but when I type in the name of the folder, it does not appear where i tell it to on the Exchange mailbox. I check OWA and Outlook and it's not there either. Has anyone had this problem? or know how to solve it?
Right clicking on an existing folder and selecting the first item which should be something like "create new mailbox" ("Créer une nouvelle boite aux lettres" on my french system), works perfectly fine on my Mail.app with OWA 2007.
Are you actually sure you used the Exchange protocol and not some IMAP connection?