Wow... it made a BIG difference. Maybe because I am using an ultra portable with a slower drive and less processor speed (and it's two years old).
Seriously, this morning I was considering moving back to Outlook 2003 because I couldn't take the performance issues... sure the overall program is a little sluggier, but at least it is now usable. The biggest difference I have noticed is the rendering time of HTML messages and also the speed of downloading email (I don't use exchange at the moment).
The KB articile say to use update... but it isn't there yet... but you can find it at the MS download page.