The Profiles component in Apple iPhone OS 1.0 through 2.2.1 and iPhone OS for iPod touch 1.1 through 2.2.1, when installing a configuration profile, can replace the password policy from Exchange ActiveSync with a weaker password policy, which allows physically proximate attackers to bypass the intended policy.
https://exchange.xforce.ibmcloud.com/vulnerabilities/51212
http://www.vupen.com/english/advisories/2009/1621
http://www.securityfocus.com/bid/35436
http://www.securityfocus.com/bid/35414
http://support.apple.com/kb/HT3639
http://lists.apple.com/archives/security-announce/2009/Jun/msg00005.html