Todd:

As they say, it depends...
You can export entries as VCF files and import directly
into Outlook, but depending on how the entries are
defined/labeled within Palm they may not be picked up by
Outlook.  If you haven't changed the default data element
labels in Palm, the Import should go well.

I've been fighting with address book conversions within MS
products and it's not easy.  Another way is to Export the
Palm book as a CSV file and Import the same type file into
Outlook.  Outlook will allow you to drag and drop data
elements to align the CSV file entries with the Outlook
address book.  
You may want to run a test import with a full dummy record
from the Palm file. (You can export a single entry) Run it
with no changes on the Import side and see how the data
elements line up.  If there are some mis-alignments, you
may be able to manipulate the Palm CSV file data in a
spreadsheet, then run the Import again, and have the data
placed in the appropriate element locations within Outlook.