SharePoint FieldNotes (Steve Curran)

Information Management Policy is new to SharePoint but not to the world of Document Management. Office SharePoint Server 2007 has added many new Document Management capabilities your applications can take advantage of. ...
... Note: Please beware that after you have associated a policy with a content type and then make changes to the policy, the changes will not be reflected within the contentType until you un-associate and re-associate the policy with the content type. In addition, the label value will only be updated after policy changes if the item is updated. ...