I don't know if this is a stop gap for what your hoping for, but for what
its worth...

Outlook 2003:
On the navigation pane (main window when you open outlook) click on
CONTACTS, (if the navigation pane is not visible click ALT+F1 to
show/hide.)  Below your "My Contacts" (still left side in the navigation
pane) you should see a "Current View" bar.  (If you only see a blue line and
no "Current View" bar, click VIEW -> ARRANGE BY -> SHOW VIEWS IN NAVIGATION
PANE)  Under the "Current View" bar, click on the bubble for "Phone List".

Now in the contacts pane (right side of window, where all your contact cards
or list is shown) you should see a LIST of all your contacts.  At the top of
this list you have columns for the various data within your contacts.  Right
Click on the COMPANY column heading, in the drop down menu, click GROUP BY
THIS FIELD.  You will now see group headings of the company names, depending
on your settings, you may see each contact listed below the group title with
a "-" (minus sign) to the left of the company group title, OR you may see a
"+" (plus sign) to the left of the company group titles.  By clicking on the
"+" or "-" you may expand or collapse these groups showing or hiding all
related contacts under that company group heading.

You may also right click on any company group heading and COLLAPSE ALL, or
EXPAND ALL.

Jim