For the record, I just sent myself a bizarrely formatted HTML email message (a two row, three cell table, one cell spanning the other two, with three different fonts and colors) just to see what happens, and it displays in Messaging exactly as I sent it . And, I am using my IMAP (not Exchange) mailserver.
I had no problem selecting HTML as my formatting in Messaging... nothing was "greyed out" as others have posted.
So, it appears that it's not tied to Exchange. Having said that, I have no idea why I would want to receive HTML formatted email on my Apache anyway. I actually liked it displaying as plain text... it was a lot cleaner. I use it pretty much exclusively for business, though, so I'm more interested in the text of the message rather than how pretty it is.
Apparently I proved that HTML does display properly, though. My guess is that it's there for sending, not for receiving.
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