I travel a lot and cannot rely at all on the outlook calendar feature.  My
customers send me meeting requests via outlook / exchange but I cannot accept
them automatically because I have to consider which time zone the organizer
is in then transpose the time to the time zone where I will be at the time.  
I have been embarrased many times by the lack of this feature.  Why can't the
meeting planner ask the organizer the time zone when selecting the time of
the meeting.  If the organizer sends me a meeting notice with a CST stamp,
and I accept it while on PST time, outlook should make the translation.  If
then travel to the CST zone and change the time zone on my computer, my
calendar entries should change along with it.

This problem is further agravated by PDA SmartPhones that automatically
adjust to the local time when you turn the phone on.  My phone has a feature
on the calendar to specify the time zone, so that when the clock
automatically adjusts, the appointment moves.  However, Outlook does not pass
a time zone stamp to my PDA.