Quote Originally Posted by Nikto
It does, indeed. If you create a list of allowed programs without adding gpedit.msc to the list then you cannot run gpedit.msc to change the list. You can, presumably, but not easily afaik, edit the registry to undo this, but only if regedit (or similar) was added to the list of allowable programs. In other words, Handle With Care.
Edit: More precisely, as far as I know, it does - I'm no expert on gpedit, and its name (group policy editor) implies that its settings can be applied to groups. I have heard of people getting into real trouble with it, however, so use with caution.