The below two are the two the queries raised by the customers who have Exchange Server and Project Server at their end that I worked, “How to configure Project Server 2010 with Exchange Server 2007 or Exchange Server 2010?”. Based on that I am adding the related info at this blog post which can be useful to folks who are interested ….

Once you configure and integrate Exchange Server 2007 or Exchange Server 2010 enables Project Server 2010 users to view Project Server tasks in Microsoft Office Outlook. This functionality replaces the Outlook Add-in task status reporting functionality for non-time–phased tasks that is available in earlier versions of Project Server and enables task assignment updates that use percent complete or total work remaining. These task assignment updates are then auto-submitted to the Task Status Manager when the tasks are updated in the Exchange client.

Refer the detailed articles Configure Project Server 2010 with Exchange Server 2007 and Configure Project Server 2010 with Exchange Server 2010. In addition, you can download and watch the video, the steps involved in configuring integration with Exchange Server 2010 & Project Server 2010. 

Also customers have the query, configuring Project Server 2010 with Exchange Server 2010 Impersonation  – you can refer Project Server 2010 & Exchange Server 2010 Impersonation article for further information.

Hope this helps!!