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I have done this on multiple occasions and haven't ran into any issues.<br />
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As Chris said, easy if it is a member server, do more investigation if a DC.
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Absolutely not, no problems at all whatsoever. If you add the server as a Domain Controller, then you need to remember that ADPrep /forestprep and ADPrep /domainprep needs to be run in order to extend the schema.<br />
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Other than that, I've had good results adding both member servers and DCs running Server 2008 to many production networks.<br />
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-tigermatt
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Our forest (one parent, two child domains) has all Server 2003 DC's and member servers. &nbsp;I'm adding a new server to run Server 2008 and Exchange 2007. &nbsp;Is there anything I should be aware of before I move forward? &nbsp;
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Our forest (one parent, two child domains) has all Server 2003 DC's and member servers.  I'm adding a new server to run Server 2008 and Exchange 2007.  Is there anything I should be aware of before I move forward?  

Adding first Server 2008 to a 2003 forest.  Any issues?

Windows Server 2008 and Windows Server 2008 R2, based on the Microsoft Vista codebase, is the last 32-bit server operating system released by Microsoft. It has a number of versions, including including Foundation, Standard, Enterprise, Datacenter, Web, HPC Server, Itanium and Storage; new features included server core installation and Hyper-V.

Windows Server 2008

Exchange is the server side of a collaborative application product that is part of the Microsoft Server infrastructure. Exchange's major features include email, calendaring, contacts and tasks, support for mobile and web-based access to information, and support for data storage.