I have Mountain Lion, Office 2011 - and the issue is specifically with Outlook client.  When I am in mail and highlight a calendar item, the system just spins for a significant amount of time.  When I double click on a calendar item, the system spins for a significant amount of time, when I click on the Calendar ICON - same thing.

I have rebuilt the DB, no improvement.  I am connected to our corporate exchange environment - mail works fine - it's just everything to do with the calendar that is so slow.

Any ideas - my productivity is suffering.