BCM v1 works with a private database per user. Users can manually
export contacts to a file from one BCM, and create new contacts on a
second BCM by importing the file.

BCM v2 extends the above in two ways.

(1) Users can export all their BCM data to file, and during import the
contacts in the file can be merged.

(2) If two PCs are networked together, user A can chose to share their
BCM database. User B on another PC can chose to use that shared
database on user A's machine instead of creating a private database on
their own PC. This sharing method also works if both users have BCM on
a single PC but different logins.

Earlier posts in this newsgroup indicate that BCM v2 is ready to go and
waiting for the latest SQL service pack to be released so that they can
ship on the same CD.

BCM v2 apparently works with Exchange email accounts (I didn't try this
with the beta), but it is not "integrated" with Exchange.