We just discovered our field is being issued this "SalesForce Outlook Connector". I've never heard of this feature before for SFDC and Outlook and frankly it scares me quite a bit that everyone has access to this.
Yes, I have had experience with the connector. It actually proved to be helpful in that often email activity and leads were not updated by sales teams as they kept and only used Outlook for their communications. It was helpful for them in that they did not have to create a local copy of a lead in outlook.
The areas to be concerned are with the direct of the sync from Outlook and SFDC. Finally, it is also a good time to review your SFDC backup policies and make sure you are getting backups in case something does go really wrong. You can look at the features at http://help.salesforce.com/help/pdfs/en/salesforce_sfo_release_notes.pdf.