There currently is a known issue where this happens after the installation of the most recent updates. In many cases this can be resolved by installing or re-installing Exchange 2007 update rollup 9. It can be found in the following link.
http://www.microsoft.com/downloads/details.aspx?FamilyID=55320be2-c65c-48bb-bab8-6335aa7d008c&displaylang=enThough I have found the above has resolved in each of my cases, some others have found the following to work:
http://social.technet.microsoft.com/Forums/en-US/exchangesvradmin/thread/0c94187d-bc97-4fa5-9413-e8762a25a360