What happens if the functional level of the domain/forest is raised but the Exchange level is left the same?

We are currently running in 2000 mixed at the domain level and 2000 native at the forest level.  We have no older clients in our domain; however we do have exchange 2003 but running at a 2000 functional level.  We want to raise the domain to 2003 native functional level.  What would be the effect on exchange if we raised without touching the the exchange functional level.  Is the Exchange level just dictated by the domain level?  Can anyone provide insite into this process and what not to do?
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The one has no bearing on the other.  So long as your AD meets the requirements of the FL change, raise away.

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instaITAuthor Commented:
Thanks.  That makes life a lot easier.
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