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Ken just wandered by, so I asked about this. He thinks that the method that worked in Leopard should continue to work; you can sync with a local calendar that an Exchange client creates, in other words.

To the best of our knowledge, Exchange calandars on the server are read-only to us. (According to him, it's either that, or they just don't appear at all when we ask iCal for a list of your calendars on Snow Leopard. It's been a while since he looked at that code, so he couldn't remember exactly.)