Service Pack 1 for Exchange 2007 is now available for free download from the Microsoft web site:
http://www.microsoft.com/downloads/details.aspx?FamilyId=44C66AD6-F185-4A1D-A9AB-473C1188954C&displaylang=en
There are a number of improvements for mobile devices and the Server ActiveSync protocol. Within the Exchange 2007 Management Console, browsing to Organization Configuration --> Client Access --> Exchange ActiveSync Mailbox Policies reveals the following new options:

On the General tab, access to Windows File Services and Sharepoint Services can be enabled or disabled.

On the Password tab, an enforced password policy can be defined, including on-device encryption and password attempt limits.
On the Sync Settings tab, Calendar and Message history synchronisation settings can be defined as well as attachment size limits.
On the Device tab, various hardware and software elements on the client device can be enabled or disabled by the administrator, including the ability to synchronise the client device with a PC.
On the Advanced tab, the administrator ca disable the web browser on the device and also define a list of 'allowed' applications on the device.
These are the options now available to the Administrator. The user also has some new features within Outlook Web Access. Once logged in, on the left-hand navigation pane there is an entry for Mobile Devices:

From here the user can remotely 'kill' a device without having to waste time getting in contact with their network administrator.
Before you get too excited however, these new features will require an update to the windows mobile device that is not yet available...watch this space for details.