PRA Compliance and Records Management in SharePoint 2010
Continuing on from my last post here are some more details about In-Place Records management in SharePoint 2010.
Using a Records archive vs in place records management in SharePoint 2010
In Microsoft SharePoint Server 2010 you can manage records in an archive, or you can manage records in the same document repository as active documents. With the Microsoft SharePoint Server 2010 in-place approach, when you declare that a document has become a record, the record remains in place, but Microsoft SharePoint Server 2010 now manages it as a record. For example, a document might get a different retention policy when it is declared to be a record, or users might not be able to edit it.
Designing for in-place records management with SharePoint 2010
In Microsoft SharePoint Server 2010 you can manage records in an archive, or you can use in-place records management, managing records in the same document repository as active documents. Using in-place records management, when you declare that a document is a record, it remains in the same location, but SharePoint Server 2010 now manages it as a record.
Also worth reading is the post from the SharePoint ECM team introducing Document Management in SharePoint 2010