Wipeout: When Your Company Kills Your iPhone : NPR: "Someone in the IT department had sent out what's called a 'remote wipe,' a kind of auto-destruct command that's delivered by e-mail. "
This isn't really an iPhone problem per se, although Apple implemented the features in the Exchange stack to please Big companies and put the iPhone in the business world. Microsoft is the one that first implemented these features in the MS Exchange servers. This just proves that most of the time you shouldn't mix private and work stuff. Don't bring work into bed... The only one who is going to loose is you. Your company will just replace you.