Perhaps one of the biggest features of Exchange 2007 high availability!
Local Continuous Replication is a feature that allows Exchange 2007 to provide high availability without the need of a clustering solution. It allows the recovery of a database due to a hardware failure to take place in seconds without having to use a backup solution.
So how does it work? It uses a log file shipping process within a single server environment. A second copy of the databases in a storage group are created (ideally on a different physical disk or storage area) and automatically maintained. As log files are created and played against the original database, they are then shipped to the database copy location. The copied transaction log files are then replayed into the database copy.
If the hardware ever fails on the original database, a quick command line in the Exchange Command Shell will switch the Exchange server to the replica database
In a nutshell it is like disk mirroring, but for your Exchange database, completely reducing the TCO!