Hi Phil,
The send/receive option will not work, on my laptop the "archived" folder is NOT set to sync, but i have all the shortcuts, from all folders, i believe the option is only for working for outlook in "offline mode" cached mode (for my pc anyway) since Outlook 2003 there are 3 options instead of 2 with Outlook XP/2002, in "cached mode" Outlook will make a replica of your mailbox, (when you start Outlook for the first time you will notice that Outlook says it's going to make a copy of the mailbox.
You can check it in Outlook, go to the root of your mailbox (outlook today:Username) and click on the properties-> folder size, there (in cached mode) you will see 2 tabs one is the amount of items/size on the server and the next tab shows the OST content items/size , in my case (standard Outlook 2003) the amount and size are the same.
If the size/items are about the same (could be of by 1mb) then all is synced.
Adrian,