I learned an interesting tidbit while reading Inside Microsoft SQL Server 2005: Query Tuning and Optimization.  The Max Server Memory configuration value applies to the cache buffer pool and not SQL Server as a whole.  Here is a link to an MSDN article that explains it:  [1] http://msdn.microsoft.com/en-us/library/ms180797.aspx

This book goes on to discuss how to detect, measure, and remedy various forms memory pressure.  I followed some of the examples in the book and came up with these statistics on one server:

[2] memory_stats1.html

One thing that is kind of interesting about these statistics is that it clearly shows that the configured server memory is significantly less than the memory used by sqlserver.exe.