Outlook 2007 + Exchange 2007 will take care of the resource issue.
You could take care of the Free vs. Busy issue by not using all-day events for resources. (Exchange 2007 will take care of that, too, by forcing a maximum meeting duration, IIRC.)

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Sue Mosher, Outlook MVP
Author of Configuring Microsoft Outlook 2003
http://www.turtleflock.com/olconfig/index.htm
and Microsoft Outlook Programming - Jumpstart for
Administrators, Power Users, and Developers
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> At the moment many users do not select the meeting room or conference room
> (identified as a resource) in the Resources column when creating
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>
> http://www.microsoft.com/office/community/en-us/default.mspx?mid=948fbc1f-c4c9-4
9df-a397-99e43dd6bd59&dg=microsoft.public.outlook.calendaring