Retention Policy and Managed folder based retention

Question

What is difference between "Retention Policy/ Policy Tags" and " Managed Content Settings"?
In my setup , my managed folder folder become general folder after following steps
1. Created Managed folder
2. Created managed content settings for IPM.post and IPM.Appointment with retention action "Delete and Allow recovery".
3. Created managed policy and applied to 1 mailbox, and this is working properly
But After that,
1. Created 3 retention tags(1 for inbox, 1 for sent, 1 personal).
2. Created retention policy combining these 3 tags.
3. Applied to SAME mailbox
4. Ran 'ManagedFolderAssitant'
**After this, Managed folder become general outlook folder.
So, cant I have "Managed folder based retention for managed folders" and General retention for "Inbox,Sent"

Answer 1

Exchange 2010 RTM introduced Retention Policies as the successor to the Message Records Management (MRM) technology introduced in Exchange 2007. MRM was the successor to Mailbox Manager Policies in Exchange 2003. Message Records Management is called MRM
1.0 and Retention Policies is being called MRM 2.0 for short. MRM 1.0 as well as MRM 2.0 are both available in Exchange 2010. Only difference is we can manage Retention Policies from the EMC and EMS, but the Managed Folder Mailbox Policy is only Managed from
the EMS through cmdlets in Exchange 2010 SP1.
It completely depends on your requirements when to use MRM 1.0 and when to Use MRM 2.0.
 Certain new features are added in MRM 2.0 (Retention Policy) which allow us to manage our mailbox email items at very granular level. But if we are still happy with earlier version MRM 1.0 then we can continue using Managed folder mailbox
Policy in Exchange 2010.
[ Note: If we are Using the Retention Policy (MRM 2.0) then we can view the expiry of  each and every email items of the folders on which the retention Policy is tagged and this can be only view from OWA and Outlook 2010, But this feature
is not available  for  Managed Folder Mailbox Policy (MRM 1.0) ]
We cannot use the Base Folder only switch in MRM 2.0 because it is TAG  specific (DPT, RPT, and PPT) not Managed Folder specific.
Managed folder Mailbox Policy is folder specific this would be the major difference.
Refer to this link :
Retention policies vs Managed folders