Softhing (http://www.softhing.com) has announced a new version of Outlook Exchange Accounts Optimizer. OEAO 1.3 works with Mac OS X 10.5.x or 10.6.x and the new Outlook for Mac 2011.
This utility automatically moves old mail from your Outlook Exchange account to a replicated structure within Outlook local folders. You select how many days of mail to keep in Exchange, and OEAO does the rest. It can handle multiple accounts and be set to run automatically.
OEAO costs US$25 for a single user license. A demo is available for download.