Well, I've been on the line with Microsoft on the issue for over 3 hours now and we are still troubleshooting the issue.
Had to be persistent on not rebooting the server though. People are working on it and I can't reboot during business hours unless absolutely necessary.
Anyhow, first they turned off the antivirus apps to see if that was causing problems. No effect. Then they got someone on from the connector group and he did a bunch of baseline troubleshooting to make sure that it wasn't caused by a mail loop and of course everything "looks" normal. Now I'm on hold while they get a different group on the line.
I would think that there would be some way to look at the transaction logs to see what transactions are running that are causing the logs to be filled out at such a rapid pace.
Oh well...these things run at their own pace. I'm just glad that I was able to get things running after moving the log files.
So much for reaching a goal of 99.9% uptime though. Server was down for something like 32 hours. That hit alone puts down that metric to something like 99.85%.