Yes.  The method described here works:

http://www.goodjobsucking.com/?p=62

Note that you'll need to perform the additional step of making sure you
have the right VSS providers installed and engaged, and you'll need to use
a vshadow.exe appropriate to your platform.

> Hello,
>
> Is anyone out there having any luck backing up Exchange via VSS? I have
> browsing through documentation of Shadow copy so I can script the  shadow
> copy but am not having much luck.
>
> I would be interested to hear any body's experience.
>
> David
>

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