This is probably a “captain obvious” post, but I’ve never paid attention to the icons in the Exchange 2010 EMC. Wondering what about their meaning, I searched around and figured it out:
This icon simply means that the mailbox move request is still lingering. If you clear the old move request the icon will change to a mailbox without the green arrow.
This icon without the arrow is the standard user recipient mailbox icon without the existence of an old move request.