I've installed the Exchange SP2 many times for 2003 and have not had any issues. I've included a link to a bunch of FAQs involving SP2. But basically, make sure you have Windows 2003 SP1 installed and also do a complete backup of the Exchange data before and after the install. If you do that you shouldn't have any issues.
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by: tenaj-207Posted on 2008-10-26 at 22:50:02ID: 22810310
Before any upgrade backup the system, and do it on a Friday night. Let all users know that email may be down for the weekend.
On the off chance that you do have an issue (I never have and haven't heard of anyone who has) then you are covered for support with Microsoft since they caused the issue, (800) 936-4900.