If you're hosting on a Linux server and just looking for something to send emails from your rails application, rolling your own SMTP server really isn't rocket science. You'll find tons of manuals out there on how to deploy a SMTP server on your Linux distribution of choice.
Postfix would be the de-facto-standard and Qmail is my personal weapon of choice when it comes to security, reliability and speed.
If you want to provide your customers with mailboxes (POP and/or IMAP) for incoming emails, it wouldn't be rocket science either to deploy your own server, but the administration of this servers and the support calls from your customers could become a pain. :-) In this case I would go for Google Apps. The $50/year/customer for the business option probably would be the choice for your corporate customers.