The iPhone currently supports the following security policies from Exchange (note: you must have Exchange Server 2003 SP2 or Exchange Server 2007 SP1 or greater):
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Remote Wipe
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Enforce password on device
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Minimum password length
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Require alphanumeric password
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Require complex password
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Inactivity time in mimutes
When you perform the remote wipe from Exchange, it restores your iPhone to factory default (note: this could take up to an hour). The gotcha – after you perform remote wipe, be sure to “remove mobile device partnership” with your iPhone; otherwise, the next time you try to sync with Exchange it will wipe (restore to factory default) again . . .