We have an Exchange 2010 environment and an OCS 2007 R2 server. Our policy is to delete all non-calendar and non-contact items after 90 days. The "Conversation History" folder is not affected by this however. Using my mailbox as an example, my "ManagedFolderMailboxPolicy" is "Regular Mailbox". Our Managed Content Settings are thus:
Get-ManagedContentSettings | ? { $_.managedfoldername -eq "Entire Mailbox" -or $_.managedfoldername -eq "inbox" -and $_.name -notlike "Unity 30 days" }
Name MessageClass ManagedFolderName
---- ------------ -----------------
Delete Messages older ... IPM.Note;IPM.Note.AS/4... Entire Mailbox
Delete Items older the... * Inbox
So, as you see, IPM.Note is right there, applied to Entire Mailbox. But the messages in Conversation History are not deleting. I did notice that we didn't have a ManagedFolder, of type DefaultFolder, for ConversationHistory, so I added it, but that hasn't caused saved IMs older than 90 days to be removed from my mailbox.
Aha. Apparently, even though "Conversation History" is a Default Folder, it's not really a Default Folder.
http://social.technet.microsoft.com/Forums/exchange/en-US/fe21c82d-b65d-4ef1-b290-b725d4b3d226/implementing-60-day-retention-on-nondefault-folder-in-exchange-for-lync-conversation-history?forum=exchange2010
I created a Retention Tag for this folder with 90 day expiration, and added that tag to a policy, associated with my mailbox. Magically, the old IMs have been banished from my mailbox.
Edit - However, in Exchange 2010, a mailbox can't have both a Retention Policy and a Managed Folder Mailbox Policy. So it seems like, to do this properly and meet all my requirements, I'd have to migrate all of the Managed Folder settings into Retention Tags and Retention Policies.