I've used ms exchange for email before, it's fine. Exactly the same as every other IMAP email service. It tends to work best with outlook as the email client, which is fine if you like Outlook (which I don't).
Most website hosting includes email which you can setup to run as IMAP ( so auto synced folders, webmail login etc) no problem.
You can still use outlook with that (though you may have to actually purchase it) but personally I wouldn't bother. I'd use Thunderbird, an excellent and FREE email client that leaves outlook in the dust as far as I'm concerned.
It also has an excellent calendar add-on too, that's fully customisable.