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SharePoint doesn't need any interation with Exchange, there are simple configuration settings for incoming and outgoing emails
Don't worry about integration with exchange PP, it;s all auto while installing, if you have configured it properly so you would be able to see your inbox as webapart with your emails it can easily configured -and definitely calenders are auto there as list so many things are auto they are in the form of list -don't worry.
When it comes to calender approval or event approval then you need to do some customization OR used third party workflow.
It will be great if you can provide more details of the questions as there are some web parts available which actually integrates the Exchange and show the content in SharePoint.
e.g. Exchange Inbox, Calendar etc.
