
What replicates all this stuff?
The hierarchy is replicated by the public folder replication process, which cannot be scheduled or limited only to some servers. Hierarchy replication is automatic to all servers that have public folder stores in the organization. Replication messages are mail-based and are sent from public folder store to public folder store.
The content is also replicated by the public folder replication process. However, this replication can be scheduled. By default, the content replication is set to happen "always" which really means "every 15 minutes." Replication of content happens only between the servers that have replicas for specific folders defined. The replica list for a specific folder is contained in the public folder hierarchy. There is no way to replicate the folder content to a server if the hierarchy for that folder did not replicate first.
Public folder directory objects are replicated by the Active Directory replication process. Because these objects live under the domain naming context, they are replicated only within the domain where they exist. However, the directory objects might not exist for folders at all. They are created by default if the Exchange organization is in mixed mode, but, when the organization is in native mode, newly created public folders will not have the directory object by default. Administrators must mail-enable folders first before their directory objects are created.
One more thing to remember is that even though public folder directory objects are domain-specific, if folders are mail-enabled, a subset of the folder's directory object attributes will be replicated to global catalog servers within the forest. That replication occurs because, if it is mail-enabled, a folder is a possible e-mail recipient. Therefore it needs to be "addressable" from any domain in the forest, so it can be addressed to or selected from the global address list (GAL), assuming that it is not hidden.
The Public Folders tree itself is also replicated by the Active Directory replication. This object lives under the configuration naming context, and it is replicated between domains by default. For example, if the object is created by the first installed Exchange server in the root domain, a second Exchange server installed in the child domain later sees the object and therefore does not attempt to create its own. If the second Exchange server did not see the object, the organization might have two MAPI folder trees, which is a non-supported scenario with all sorts of problems.