I don't have time to read every post in this thread, but here's what worked for me. My problem involved configuring exchange so that it would work away from my place of business (a college). When I was on campus, there was no problem. Off campus, the same settings simply wouldn't provide a reliable connection to the server for getting mail and I couldn't send mail no matter what. I tried everything but since exchange essentially auto-configures, I couldn't get it to work.
I set up a new account as "Exchange IMAP" I have pretty simple needs but it appears to be working perfectly for all email needs. It uses the same settings as are used when configuring iPads and iPhones for Exchange under IMAP. In my case, I have to use IMAP on my iPhone to configure my iPhone's email account to connect to my college's Exchange servers. The server names are not the same servers that are auto-configured by Exchange.
I also set up an account as just IMAP (not Exchange IMAP) and that worked fine as well. Hope this helps. Given that my Exchange account under Lion worked perfectly yesterday and now Mtn Lion is causing these problems, I would place the blame squarely on Apple's shoulders.