Ralf -
You are a lifesaver. I've wasted hours in the past two weeks trying to set my Exchange 2007 account up on the iPhone. I've been using a Gmail account to get all work emails, and it was just not very useful. I was so excited about this new software and yet so frustrated with the process. Several things I learned....
Yes, indeed, Ralf is correct, the direction of the slash matters, at least regarding the password. The iPhone does NOT like the forward slash, though you have to go thru TWO menus on the keypad to get to the correct backslash (the ?123 button and then the #+= button).
Another thing - it appears that the iPhone does not like having two email accounts on the phone. I already had my Gmail account set up, and was trying to set up the Exchange account with the Gmail account still active. A better bet is to erase all email accounts and start with the Exchange account. I'm not sure if I'll bother re-setting up the Gmail account for fear that it will mess up the Exchange account, but if any of you are braver than me, let me know how it goes.
Third thing - for whatever reasons, at the bottom of my inbox, there's a line that reads "4294867298 unsent messages." No idea what that means, but I'm pretty sure that I don't have 4 billion emails waiting to be sent out, so I'm hoping this is normal.
Fourth thing - when I synced the iPhone manually thru iTunes (at least when I was using the Gmail account), my Outlook calendar would download into the iPhone, and conveniently take a few entries (about 23) with it into cyberspace. The entries are still on the email server, and they show up in my Active Appointments view in Outlook, but not in the more useful Calendar view. Again, no idea how this happens, but I won't be plugging in the iPhone to my computer anytime soon. Hoping it doesn't do the same thing over ActiveSync.
And finally, keep fighting with your tech guys and reading these posts, b/c it turns out I knew more than they did about how to set this up and the various obstacles we would run into.
Good luck!