Outlook configures as an Exchange server... WebOS has always synced calendar, mail, contacts, with my Pre+, Pre2, TouchPad for both my wife's and my Outlook (live.com) accounts.
Only flaw from my pov: mail comes over in text-only format, no HTML mail displays with pictures, etc.
My solution is to configure the exchange account only for contacts and calendar.
I then configure a pop3 interface to the account for email.
You can configure both the Pop3 and Exchange interfaces to your live/outlook/hotmail accounts for mail, you just get two copies of each email, one via pop3 and one (text only) via exchange. It is then easy to choose which view you want by switching mailboxes in from the mail viewer app.
Note: my wife and I sync our hotmail accounts via the live.com webpage options. When she adds a calendar entry in her PC or Pre2 or TouchPad, it appears in all 4 of our webOS devices.
We have been using this technique for years.
If anyone can tell me how to have HTML mail display on the mail reader app via the exchange interface (other than the PoP3 parallel interface kluge) please tell me! ...note, many messages in text-mode on exchange include a "view in browser" link which is an alternative to the Pop3 trick, but I find this too slow.