[froader]

As long as Exchange is setup and ActiveSync is currently set to "as items arrive" AS should say connected. Like P-Slim said its waiting for a signal to PUSH data.
The only time that it will not say connected is if you are using the phone or txt where it uses 1X signal for voice. Voice and data aren't supported simultaneous with our technology.

Google may be using the time period from 9pm-6am to upgrade and tweak things as that is usually off-peak for most phone users. Afterall it is beta.
Personally I don't see this service substituting MS Exchange. If they enable Outlook to connect to their servers as Exchange - for free - then this product will work well.