I can't get Exchange 5.5 to give me top-level folder permissions. I have included myself in the information store site configurations and excluded everyone else. I have given myself all the Exchange permissions in the admin console. It still just grays out the New Folder option at the top level. Can you give me another place to check?
Within Exchange Administrator, you need to expand the Configuration container, and then view the properties of the information store site configuration object. You should see a tab called "Top Level Folder Creation." Navigate to that tab and add your account to the "Allow to create top level folders" section. It's a best practice to add a group (i.e., PF top-level admins), instead of individual accounts, to facilitate adding others with this ability at a later point in time.
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Related information from SearchExchange.com:
Reference Center: Exchange 5.5 tips and resources
Reference Center: Exchange Server permissions