Yes, this is a known issue in Exchange 2007.
As far as I know, this performance base line option is disabled (via code path) in Exchange 2007.
Here is a related thread for you:
Exchange 2k7 EXBPA Performance Baseline not running for 2 hours
http://social.technet.microsoft.com/Forums/en-US/exchangesvrmigration/thread/52377e69-86b9-4d58-a8f5-ad12cd3895bb
If you want to catch the performance counters from your Exchange 2007, here are some related documents for you:
Exchange 2007 Performance Counters and Thresholds
http://blogs.technet.com/b/exchange/archive/2008/07/01/3405680.aspx
Performance Counters
http://technet.microsoft.com/en-us/library/aa996329(v=exchg.80).aspx
Thanks,
Evan Liu
TechNet
Subscriber Supportin forum
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