I bumped recently into an issue, for which typical recreation of Exchange 2003 IIS folders was not enough.
Situation - Exchange 2003 OWA, after trying to reach the server using the usual link http://email.company.com/exchange, the prompt will come up, ask for authentication, spin for about 15 seconds and present 404 error. IIS log will simply show a lot
of 404 errors when trying to access. The usual approach rebuilding IIS folders - didn't work.
Resolution:
The ASP .NET settings on the default web-site was set to .NET version 4. Switching it back to .NET 2 resolved the problem.
Not sure when and how it happened, however I believe it will be valuable for community to be aware of that, as this is not a typical error.
Thanks.
Memento Mori