So I went home at lunch and got my new iPhone 4 that my wife had signed for. WooHoo!!! After 30 minutes to activate, restore backup, and sync music (about 25 minutes was syncing all my music) I had my new phone working and went back to work. So while at work I'm talking with the Exchange admin and we decide that it'd be good to test the remote wipe of Exchange data from iPhones since we had never tested that before. He brings up the Exchange Management Console, selects my phone, right clicks and selects "Wipe all data from device". About 1 second later my shiny new iPhone 4 did something unexpected. The screen went black and after a couple seconds the white Apple logo appeared. WTF - why is it rebooting? Oh well, I guess to get rid of my mail, contacts and calendar it has to reboot the phone. Little did I know that instead of rebooting to my trusty phone minus the Exchange data it rebooted and displayed the "Connect to iTunes" icon. Woah, remote wipe from Exchange doesn't just wipe the Exchange data, it wipes the entire phone. So here I sit at work for 30 more minutes waiting to go home and reactivate/restore/sync my new phone. At least now we know how the remote wipe works.