The only way I know of to actually get BCM to work with a profile that has an Exchange account in it is this:-
1) install outlook 2003 and create a profile with an exchange account to the SBS2003 server
2) install BCM on the PC - let it fail
3) this is the important step - make sure the user you are logged in as - is part of the local group BCMUser on the PC you are running on
4) install the Microsoft patch 831747
5) reboot and go for it....