General :: Exchange / ActiveSync On Android Options?

I've been debating configuring my personal phone to access my employer's Exchange server; I would be checking it on occasion-- more of a convenience thing to know what's up before I head in for the day.

Using the default Android Mail client and choosing ActiveSync and doing the setup, I inevitably reach a screen with the following:

Quote:

Activate security policies?
Exchange security policies
Your IT administrator requires that you activate these security policies in order to sync with your Exchange Server.

Activating this administrator will allow the application Mail to perform the following operations:

! Erase all data
Perform a factory reset, which deletes all of your data without any confirmation.

! Set password rules
Restrict the types of passwords that you are allowed to use.

! Monitor screen-unlock attempts
Monitor failed attempts to log into your device.

! Lock the screen
Control when your device locks, requiring that you re-enter your password.

! Device function limitation
Restrict some function on device like Wifi, Bluetooth, Camera etc.

Needless to say, this is highly unappealing for my personal phone-- way too much power for the Mail application. So my questions-- what are my options?

-would a different Exchange connectivity application like Touchdown request those same permissions for access?
-would I be better off setting up ActiveSync on an alternate ROM and booting into that when I want to check work mail (not as frequently as some other users)?
-How far does that remote wipe control extend? Could they wipe the entire phone, including bootloader? Or is it just reference to internal storage? Could they wipe the external SD card?
-is there a way to revoke those permissions from the Mail application while retaining the ability to connect to the Exchange server?