Jay Schultz turned me on to a very handy utility distributed by Ontrack. Ontrack PowerControls allows you to copy and search for data within an Exchange backup set or just an offline copy of Exchange databases. You can instantly restore a single mailbox, single item or entire server using this utility.
Note to Exchange Administrators everywhere, though: You don't need any sort of administrative privledges to do this. Keep those backup tapes safely stowed away in a secure location. Oh, and this probably isn't officially supported, so use at your own risk. I had to point to it anyway, just for the pure coolness and utility of it.
Here's the Ontrack site for PowerControls - http://www.ontrack.com/powercontrols/.