Actually, this has existed since exchange integration was first added to PocketPC (a long time ago). It allows companies to control the security of their data. Joining your personal phone to exchange is much like joining your personal computer to the corporate domain. You don't do it unless you want corporate IT to administer it and corporate policy allows it. Edit: I sympathize with people who lost data, and do agre…
Wiping your company's email, sure. But you don't seem to have a problem with wiping the entire contents of someone's personal device and (if I read the article correctly) rendering that device unusable thereafter (after a restore it remote wipes again) Would you be happy with just an email wipe, if that option were available?
In most cases there is more than just email, and the line between exchange and personal blurs. How do you remove the exchange data from a contact originating from exchange but updated with Facebook data? What about company restricted WiFi passwords? Attachments saved outside of the mail program?
It's complicated, and when properly used: a last resort.
Edit since I can't reply below: Linking with activesync is optional. The policies are part of the bargain. Your examples either weren't optional (RIAA) or were things you'd choose not to do (EA).