On our router we only had the option to change the MTU size. I believe any device connected should be able to work out the MSS size from the MTU size although there is a specific setting for the CISCO routers I believe relating to packets they reform.
We did not change anything in our Exchange server - I am hoping/believe it should work out what size of packet to use when it negotiates the connection to the gateway (the router). Email is passing through OK now.
For those hoping this particular issue may be solved by a firmware upgrade - it seems unlikely as having done a little more reading it seems to be a feature of running an L2TP tunnel. See this article here:
http://www.cisco.com/en/US/tech/tk80...80094c4f.shtml
There are other issues to be fixed though like some VOIP issues and apparently the tunnel going down occasionally and taking a while to restart (to quote the VM tech support guy).