After Exchange 2007 SP1 got released, additional mobility features were included along with extra policies settings to restrict their usage. Following you'll find a comprehensive matrix of these policies comparing the different versions of messaging platform available:

Settings

Ex2003 SP2

Ex2007 RTM

Ex2007 SP1
STD CAL

Ex2007 SP1
ENT CAL

EAS Protocol Version

2.5

12

12.1

12.1

Corresponding WM Client

WM 5

MSFP

WM 6

WM 6.1

WM 6.1

Password Required

X

X

X

X

Min Password Length

X

X

X

X

Alphanumeric pwd

X

X

X

X

Inactivity Timeout

X

X

X

X

Max Failed Password Attempts

X

X

X

X

Policy Refresh Interval

X

X

X

X

Allow non-provisionable devices

X

X

X

X

Attachments Enabled

 

X

X

X

Storage Card Encryption

 

X

X

X

Password Recovery Enabled

 

X

X

X

Allow Simple Device Password

 

X

X

X

Max Attachment Size

 

X

X

X

WSS Access Enabled

 

X

X

X

UNC Access Enabled

 

X

X

X

Password Expiration

 

X

X

X

Password History

 

X

X

X

Require Manual Sync When Roaming

 

 

X

X

Min Device Pwd Complex Characters

 

 

X

X

Max Calendar Age Filter

 

 

X

X

Allow HTML Email

 

 

X

X

Max Email Age Filter

 

 

X

X

Max Email Body Truncation Size

 

 

X

X

Max Email HTML Body Truncation Size

 

 

X

X

Require Signed SMIME Messages

 

 

X

X

Require Encrypted SMIME Messages

 

 

X

X

Require Signed SMIME Algorithm

 

 

X

X

Require Encryption SMIME Algorithm

 

 

X

X

Allow SMIME Encryption Algorithm Negotiation

 

 

X

X

Allow SMIME Soft Certs

 

 

X

X

Require Device Encryption

 

 

X

X

Allow Storage Card

 

 

 

X

Allow Camera

 

 

 

X

Allow Unsigned Applications

 

 

 

X

Allow Unsigned Installation Packages

 

 

 

X

Allow Wi-Fi

 

 

 

X

Allow Text Messaging

 

 

 

X

Allow POP/IMAP Email

 

 

 

X

Allow Bluetooth

 

 

 

X

Allow IrDA

 

 

 

X

Allow Desktop Sync

 

 

 

X

Allow Browser

 

 

 

X

Allow Consumer Email

 

 

 

X

Allow Remote Desktop

 

 

 

X

Allow Internet Sharing

 

 

 

X

Unapproved InROM Application List

 

 

 

X

Approved Application List

 

 

 

X

 

Something to consider is that not all the features are supported by the current wave of high-tech mobiles, still we'll have to wait for some time for mobile operators to consider all these policies in their HW. 

The original matrix and extended note can be found in Exchange Team blog's site:

http://msexchangeteam.com/archive/2007/11/19/447551.aspx

For details on how these policies can be administered via Exchange 2007 and a brief description of them, the following articles provide this information:

http://technet.microsoft.com/en-us/library/bb123783.aspx (how to manage them)
http://technet.microsoft.com/en-us/library/bb123484.aspx (description)