The mail application only synchronizes the inbox, both for IMAP and Exchange accounts.
I auto-sort my mail into folders at the server and need to see all folders in the phone to not miss any e-mails.
Do I need a different mail-application to poll subfolders or what?
If I open the Mail app, when connected to Exchange, I can then go to Menu > Folders and select a folder to view. It will the grab content from the folder allowing you to view it. If you have your settings configured for all mail then you should see emails in those other folders.
My settings for Mail are as follows under Settings > Send & Receive:
In order for each individual setting, that is what I have.
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