Here's the trace from when I press restore. Not sure if it says much.
(Note that I can restore items from the Archive Explorer just not in Outlook.)
08/12/2011 14:01:47.956[2256]: ::~CInternetReconnect
08/12/2011 14:01:47.956[2256]: ::CInternetReconnect - refCount : 1
08/12/2011 14:01:47.956[2256]: ~::~CInternetReconnect
08/12/2011 14:01:47.957[2256]: ~CCommands::DoArchiveExplorer: 0x0
08/12/2011 14:01:52.413[2256]: CCommands::DoRestore: 0x0
08/12/2011 14:01:52.413[2256]: CDesktopUI::InSearch: 0x0
08/12/2011 14:01:52.413[2256]: get_HTMLDocument: 0xA0F7000E
08/12/2011 14:01:52.413[2256]: ~CDesktopUI::InSearch: 0xA0F7000E
08/12/2011 14:01:52.414[2256]: User initiated 'Restore from Vault'.
08/12/2011 14:01:52.414[2256]: DesktopCommon::IsSearchFolder
08/12/2011 14:01:52.415[2256]: ~DesktopCommon::IsSearchFolder
08/12/2011 14:01:52.415[2256]: ::EnabledForVault: 0x0
08/12/2011 14:01:52.415[2256]: ~::EnabledForVault: 0x0
08/12/2011 14:01:52.425[2256]: DesktopCommonUtil::IsArchivedItem: 0x0
08/12/2011 14:01:52.426[2256]: ~DesktopCommonUtil::IsArchivedItem: 0x0
08/12/2011 14:01:53.731[2256]: DesktopConfig::GetSetting: 0x0
08/12/2011 14:01:53.732[2256]: DesktopCommonConfig::GetSetting: 0x0
08/12/2011 14:01:53.732[2256]: DesktopCommonConfig::LoadSettingsFromHiddenMessage: 0x0
08/12/2011 14:01:53.732[2256]: ~DesktopCommonConfig::LoadSettingsFromHiddenMessage: 0x0
08/12/2011 14:01:53.732[2256]: Desktop Setting: MAILBOXDN
08/12/2011 14:01:53.733[2256]: Value: /o=MyCo/ou=MySite/cn=Recipients/cn=MyCn
08/12/2011 14:01:53.733[2256]: ~DesktopCommonConfig::GetSetting: 0x0
08/12/2011 14:01:53.733[2256]: ~DesktopConfig::GetSetting: 0x0
08/12/2011 14:01:53.735[2256]: DesktopCommonUtil::IsArchivedItem: 0x0
08/12/2011 14:01:53.736[2256]: ~DesktopCommonUtil::IsArchivedItem: 0x0
08/12/2011 14:01:53.737[2256]: DesktopCommonUtil::IsArchivedItem: 0x0
08/12/2011 14:01:53.739[2256]: ~DesktopCommonUtil::IsArchivedItem: 0x0
08/12/2011 14:01:53.739[2256]: Restoring: RE: FAQ email
08/12/2011 14:01:53.741[2256]: DesktopConfig::GetSetting: 0x0
08/12/2011 14:01:53.742[2256]: DesktopCommonConfig::GetSetting: 0x0
08/12/2011 14:01:53.742[2256]: DesktopCommonConfig::LoadSettingsFromHiddenMessage: 0x0
08/12/2011 14:01:53.742[2256]: ~DesktopCommonConfig::LoadSettingsFromHiddenMessage: 0x0
08/12/2011 14:01:53.742[2256]: Desktop Setting: SERVERVERSION
08/12/2011 14:01:53.743[2256]: Value: 8.05
08/12/2011 14:01:53.743[2256]: ~DesktopCommonConfig::GetSetting: 0x0
08/12/2011 14:01:53.743[2256]: ~DesktopConfig::GetSetting: 0x0
08/12/2011 14:01:53.800[2256]: CCommands::RestoreShortcut: 0x0
08/12/2011 14:01:53.800[2256]: CCommands::HasSavesetBeenDeleted: 0x0
08/12/2011 14:01:53.800[2256]: CDesktopDirectory::GetIDirectoryPublic: 0x0
08/12/2011 14:01:53.801[2256]: ~CDesktopDirectory::GetIDirectoryPublic: 0x0
08/12/2011 14:01:53.937[2256]: ~CCommands::HasSavesetBeenDeleted: 0x0
08/12/2011 14:01:53.938[2256]: Sending restore request to server...
08/12/2011 14:01:53.955[2256]: ~CCommands::RestoreShortcut: 0x0
08/12/2011 14:01:53.955[2256]: ~CCommands::DoRestore: 0x0
08/12/2011 14:01:57.908[2256]: CDesktop::GetOLConnectionState: 0x0
08/12/2011 14:01:57.908[2256]: Outlook Exchange Connection Mode: 1
08/12/2011 14:01:57.909[2256]: ~CDesktop::GetOLConnectionState: 0x0
08/12/2011 14:01:57.909[2256]: Exchange connection state: 1
08/12/2011 14:01:57.909[2256]: PVHelper::Enabled: 0x0
08/12/2011 14:01:57.909[2256]: DesktopCommonConfig::GetConfigValue: 0x0
08/12/2011 14:01:57.909[2256]: DesktopCommonConfig::GetStoreKey: 0x0
08/12/2011 14:01:57.910[2256]: ~DesktopCommonConfig::GetStoreKey: 0x0
08/12/2011 14:01:57.910[2256]: DesktopCommonConfig::GetSetting: 0x0
08/12/2011 14:01:57.910[2256]: DesktopCommonConfig::LoadSettingsFromHiddenMessage: 0x0
08/12/2011 14:01:57.910[2256]: ~DesktopCommonConfig::LoadSettingsFromHiddenMessage: 0x0
08/12/2011 14:01:57.911[2256]: Desktop Setting: OVReset
08/12/2011 14:01:57.911[2256]: No Value
08/12/2011 14:01:57.911[2256]: ~DesktopCommonConfig::GetSetting: 0x1
08/12/2011 14:01:57.911[2256]: OVReset = 0 [default]
08/12/2011 14:01:57.911[2256]: ~DesktopCommonConfig::GetConfigValue: 0x1
08/12/2011 14:01:57.912[2256]: PVHelper::IsRemoveOVSet: 0x0
08/12/2011 14:01:57.912[2256]: ~PVHelper::IsRemoveOVSet: 0x0
08/12/2011 14:01:57.912[2256]: DesktopConfig::GetClientStoreKey: 0x0
08/12/2011 14:01:57.912[2256]: DesktopCommonConfig::GetStoreKey: 0x0
08/12/2011 14:01:57.913[2256]: ~DesktopCommonConfig::GetStoreKey: 0x0
08/12/2011 14:01:57.913[2256]: ~DesktopConfig::GetClientStoreKey: 0x0
08/12/2011 14:01:57.913[2256]: DesktopConfig::GetSetting: 0x0
08/12/2011 14:01:57.913[2256]: DesktopCommonConfig::GetSetting: 0x0
08/12/2011 14:01:57.914[2256]: DesktopCommonConfig::LoadSettingsFromHiddenMessage: 0x0
08/12/2011 14:01:57.914[2256]: ~DesktopCommonConfig::LoadSettingsFromHiddenMessage: 0x0
08/12/2011 14:01:57.914[2256]: Desktop Setting: OVEnabled
08/12/2011 14:01:57.914[2256]: Value: 1
08/12/2011 14:01:57.914[2256]: ~DesktopCommonConfig::GetSetting: 0x0
08/12/2011 14:01:57.915[2256]: ~DesktopConfig::GetSetting: 0x0
08/12/2011 14:01:57.915[2256]: DesktopCommonConfig::GetConfigValue: 0x0
08/12/2011 14:01:57.915[2256]: DesktopCommonConfig::GetSetting: 0x0
08/12/2011 14:01:57.915[2256]: DesktopCommonConfig::LoadSettingsFromHiddenMessage: 0x0
08/12/2011 14:01:57.916[2256]: ~DesktopCommonConfig::LoadSettingsFromHiddenMessage: 0x0
08/12/2011 14:01:57.916[2256]: Desktop Setting: RPCOVERHTTPRESTRICTIONS
08/12/2011 14:01:57.916[2256]: No Value
08/12/2011 14:01:57.916[2256]: ~DesktopCommonConfig::GetSetting: 0x1
08/12/2011 14:01:57.917[2256]: RPCOVERHTTPRESTRICTIONS = 255 [default]
08/12/2011 14:01:57.917[2256]: ~DesktopCommonConfig::GetConfigValue: 0x1
08/12/2011 14:01:57.917[2256]: DesktopCommon::UseRPCOverHTTP: 0x0
08/12/2011 14:01:57.917[2256]: ~DesktopCommon::UseRPCOverHTTP: 0x0
08/12/2011 14:01:57.917[2256]: ~PVHelper::Enabled: 0x0
08/12/2011 14:01:57.924[2256]: DesktopCommonConfig::GetConfigValue: 0x0
08/12/2011 14:01:57.924[2256]: DesktopCommonConfig::GetStoreKey: 0x0
08/12/2011 14:01:57.924[2256]: ~DesktopCommonConfig::GetStoreKey: 0x0
08/12/2011 14:01:57.924[2256]: DesktopCommonConfig::GetSetting: 0x0
08/12/2011 14:01:57.924[2256]: DesktopCommonConfig::LoadSettingsFromHiddenMessage: 0x0
08/12/2011 14:01:57.925[2256]: ~DesktopCommonConfig::LoadSettingsFromHiddenMessage: 0x0
08/12/2011 14:01:57.925[2256]: Desktop Setting: OVReset
08/12/2011 14:01:57.925[2256]: No Value
08/12/2011 14:01:57.925[2256]: ~DesktopCommonConfig::GetSetting: 0x1
08/12/2011 14:01:57.926[2256]: OVReset = 0 [default]
08/12/2011 14:01:57.926[2256]: ~DesktopCommonConfig::GetConfigValue: 0x1
08/12/2011 14:01:57.926[2256]: PVHelper::GetStoreMajorVersion: 0x0
08/12/2011 14:01:57.926[2256]: DesktopConfig::GetSetting: 0x0
08/12/2011 14:01:57.926[2256]: DesktopCommonConfig::GetSetting: 0x0
08/12/2011 14:01:57.927[2256]: DesktopCommonConfig::LoadSettingsFromHiddenMessage: 0x0
08/12/2011 14:01:57.927[2256]: ~DesktopCommonConfig::LoadSettingsFromHiddenMessage: 0x0
08/12/2011 14:01:57.927[2256]: Desktop Setting: OVStoreVersion
08/12/2011 14:01:57.927[2256]: Value: 0
08/12/2011 14:01:57.928[2256]: ~DesktopCommonConfig::GetSetting: 0x0
08/12/2011 14:01:57.928[2256]: ~DesktopConfig::GetSetting: 0x0
08/12/2011 14:01:57.928[2256]: ~PVHelper::GetStoreMajorVersion: 0x0
08/12/2011 14:01:57.928[2256]: DesktopCommonConfig::GetConfigValue: 0x0
08/12/2011 14:01:57.929[2256]: DesktopCommonConfig::GetSetting: 0x0
08/12/2011 14:01:57.929[2256]: DesktopCommonConfig::LoadSettingsFromHiddenMessage: 0x0
08/12/2011 14:01:57.929[2256]: ~DesktopCommonConfig::LoadSettingsFromHiddenMessage: 0x0
08/12/2011 14:01:57.929[2256]: Desktop Setting: PSTIMPORTENABLED
08/12/2011 14:01:57.930[2256]: Value: 0
08/12/2011 14:01:57.930[2256]: ~DesktopCommonConfig::GetSetting: 0x0
08/12/2011 14:01:57.930[2256]: PSTIMPORTENABLED = 0 [Desktop Setting]
08/12/2011 14:01:57.930[2256]: ~DesktopCommonConfig::GetConfigValue: 0x0