It is my understanding that Exchange SP3 adds a new feature that monitors long running transactions. Is it possible to then terminate a long running transaction?

http://blogs.technet.com/b/exchange/archive/2011/03/21/information-store-timeout-detection-in-exchange-2007-sp3.aspx The transaction isn’t terminated; it’s just flagged as taking too long.

Is it possible to terminate the transaction once it's been identified?

Its doesnt really work that way, no. You would really need to do further troubleshooting with perfmon, Extra and maybe Microsoft support to determine what was causing the issue.

http://blogs.technet.com/b/exchange/archive/2011/03/21/information-store-timeout-detection-in-exchange-2007-sp3.aspx The transaction isn’t terminated; it’s just flagged as taking too long.

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