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Old server is an IBM with an EXP400 external storage attached

New server is a Dell PowerEdge 2950

I’m using setup.com /M:RecoverServer /DoNotStartTransport

Steps:

1. Make sure the new server has the same drive configurations. If you had C:\OS, D:\LOGS, and E:\Database on the old server, make sure you have the same on the new one.
2. Install the same OS. In my case I had a Win 2003 STD x64 R2.
3. Install the same service packs and patches on the new server
4. Install all the required Windows Components for Exchange such .Net 2, powershell, iis, etc
5. At this stage the new server must not be on the domain. And it must have a unique name and IP
6. Get a latest backup of the exchange database
7. Get a backup of your Client Access Server (IIS settings) - refer to Microsoft Technet
8. Make sure you document your existing connectors configurations. Take screenshots.
9. Shutdown existing server
10. Reset the Exchange Computer account in AD
11. Rename the new server to the same name as the old one
12. Change the IP address to reflect the old one
13. Add it to the domain
14. Run Exchange setup with  setup.com /M:RecoverServer /DoNotStartTransport (the DoNotStartTransport option will stop the Exchange Transport Service after the setup)
15. Install exchange service packs and patches (only if you had those on the old one)
16. Restore database and IIS settings.
17. Mount database
18. Check all the Connectors configurations
19. Start the Exchange Transport Service
20. Test emails internally and externally

Sources:

http://technet.microsoft.com/en-us/library/bb332343.aspx

http://www.msexchange.org/tutorials/Moving-Exchange-Server-2007-database-Mailbox-servers.html