Yes it is very well possible in EX2007 the way it was in EX2003.
It is a 6 step process
1. Select Managed Default Folder
2.Apply Manage Content Settings
3.Created Managed folder Mailbox Policy
4.Apply Managed Folder Mailbox Policy to user's Mailbox
5.Schedule Managed Folder Assistant.
6.Managed Folder Assistant and enforces content
Understanding Messaging Records Management
http://technet.microsoft.com/en-us/library/bb310756.aspx A good step by step article showing example
Exchange 2007 Messaging Records Management
http://www.msexchange.org/articles_tutorials/exchange-server-2007/compliance-policies-archiving/exchange-2007-messaging-records-management-part1.html
Vinod
|CCNA|MCSE 2003 +Messaging|MCTS|ITIL V3|