When you try to create a new message in Outlook Web Access (OWA) using Internet Explorer 7 in Windows Vista, you may notice that the body field cannot be loaded and simply shows a small red cross. This is due to the fact that Microsoft has removed the rich-text editing controls that are required for this field from the Vista operating system.
Apparently, the dependency on these controls was removed in a recent update for Exchange 2000 and 2003. It's just that most Exchange admins haven't got round to installing the patch yet. Looks like you might need to have a serious word with your Exchange admin. ;-)
More information can be found here: http://blogs.msdn.com/ie/archive/2006/06/27/648850.aspx