Jesus - 260 GB!!
I've been doing Exchange 5.5 administration for 3 years now, and here's some advice:
1. Get your users under control - 4 GB mailboxes? Granted, you have a SAN with good spindle I/O, but unless you're subjected to data retention laws - keep the mailboxes under 1 GB - use Mailbox Manager if you must. Also, place some individual send/receive mail size restrictions so users can't just send out 100 MB Attachments. E-mail does strange things to people - two people sitting next to each other in an office will email 10, 50, 100 MB attachments (mostly BS jokes btw), versus sharing them on a network share. Drives me nuts.
2. Break out your information store using 1 of 2 methods: introduce more 5.5 servers into your site, and use the move mailbox wizard to move off some of the mailboxes. This spreads the size aka "don't keep all your eggs in one baskey", or - migrate to Exchange 2003 where you can take advantage of multiple information stores and storage groups, not to mention a revamped ESE.
3. Last - do you perform maintenance? 5.5 information stores need regular defrags to keep performance high and to reclaim space from deleted mailboxes. Again, a SAN is in your favor because spindle I/O is usually the weak link in the performance game when dealing with fixing Exchange, but @ 260 GB it's got to take you forever to defrag your information store. Not to mention disaster recovery. Do you perform bricks level backup? I'm sure the job is hella-long. It takes me 12 hours to backup a 42GB database using MAPI bricks.
Has your info store ever crashed and needed recovery? Depending on your backup software - sometimes you need to isinteg -patch up the priv and pub - that takes time, and @ 260 GB - I can't even predict how long it would take. God forbid if you had to run an eseutil repair.
I have 4000 mailboxes on 3 Exchange 5.5 SP4 mailbox servers, with 1 bridgehead Exchange 5.5 server. My information stores are 15 GB, 42 GB, and 18 GB, and I consider that too large. I lost the largest exchange server last year when it was at 30 GB - my backups were dirty at the time and I ended up performing a hard repair - took 13 hours and that was just a 30 GB database. Even with a SAN you should start to get the picture. Technically Exchange 5.5 Enterprise had "no limit" for information store size, but realistically the larger it gets, the longer it takes to perform maintenance and disaster recovery.
Good Luck.