Exchange 2007 has a number of changes that have been made from Exchange 2003. One big change is the way public folders are to be managed with RTM version of Exchange 2007.
There are 3 methods that can be used to manage public folders:
1. Exchange management Shell
2. Exchange public folder Dav Admin (PFDAVAdmin)
3. Keep a 2003 management conscole around to manage the public folders