Rant32 has it nailed, however the recommendation is to have one GC in each site where there is an Exchange Server. Also, if your forest consists of a single domain, you should make every DC also a GC. I multi-domain forests placing GC's is a bit more involved.
Mass2612, if you blank the "Modify Configuration Domain Controller" setting, Exchange will select it's most appropriate DC. Only populate this setting if you're experiencing problems with the default, which is blank.