exchange licensing question

I just need some clarification. I've read over the exchange licensing docs on microsofts site and its still alittle confusing.

This is what I would need for 25 users on exchange 2007, correct?

1. Server with Windows 2003 Standard License, plus Exchange 2007 license.
2. 25 User CALS for Windows 2003 Server
3. 25 User CALS for Exchange 2007

Am I correct?

You are correct but you may not need the Windows Server or Exchange user CALs if you've already got "per-seat" licensing in place in your organisation. Check out www.microsoft.com/resources/sam/lic_cal.mspx

Excellent link Dalight!