/usr/sbin/sendmail pointed to here

root:/etc/alternatives# ls sendmail
sendmail
root:/etc/alternatives# ls -l sendmail
lrwxrwxrwx 1 root root 24 2007-12-03 15:10 sendmail -> /usr/lib/sm.bin/sendmail
root:/etc/alternatives# cd /usr/lib/sm.bin/
root/usr/lib/sm.bin# ls
editmap     mailq      newaliases  sendmail  vacation.sendmail
hoststat    mailstats  praliases   smrsh
mail.local  makemap    purgestat   smtpd
root@:/usr/lib/sm.bin# ls -l sendmail
-rwxr-sr-x 1 root smmsp 719720 2006-12-13 09:53 sendmail
root@:/usr/lib/sm.bin#