According to Jason Landridge, the Treo 700w does not include the Messaging and Security Feature Pack (aka AKU v2.0) in it’s shipping form right now. The current configuration does however connect with Exchange Server for Always Up To Date (AUTD) synchronization. It also should support the original Exchange 2003 “push-mail” solution, where the Exchange server would send an SMS message to the device to trigger an AUTD sync that would pull any new email to the device.

Of course, since the device is Windows Mobile, Verizon could at any time release an AKU 2.0 update for the Treo 700w that would include the MSFP functionality.