My understanding is that a typical reverse DNS lookup will compare the SMTP hostname (provided in the EHLO/HELO command) of an incoming connection and verify that it matches the PTR record for the source IP the connection it is coming from. Is that correct?
I've recently heard that it's common for mail providers to require the hostname used in an incoming connection to match an MX entry for the sending domain. This doesn't make sense to me though since the sending organization may have completely different MTAs for outbound.