Since I already read your (Grants) blog regarding EPM Framework I would be cheating in a way if I answer this now.:-) Great quesion btw!!
EDIT: No it doesnt work with other versions of SQL Server as it is right now. You have to write SMO code to be able to use policy based managemet in all versions of SQL. However there is already one on codeplex that you can use. Its called Enterprise Policy Management Framework and uses powershell to evaluate policies against instances.