Really good blog post, older, but on how search folders(aka restricted views) can affect peformance.

http://msexchangeteam.com/archive/2004/02/25/79956.aspx

I wont go into repeating whats in that post but it did take me several reads to understand how they work. Just a few things to take away.

The real heavy performance hit is on the initial creation of the folder. It also a hit when a new message comes in and it has to update many search folders from one folder to see if they meet the criteria.

In Exchange 2003 you can have a max of 11 search folders, with a life time of 40 days.

To ballpark the number of search folders and restricted search folders you have you can use the Perfmon counter MSExchange IS Mailbox- Categorization Count

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