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I no longer have the link, but I was reading more about this in a Microsoft forum, I believe, and one person pretty much traced it down to a bug in SP2 in Outlook 2007. I don't know if this applies universally, but in his particular case, after a full system reformat, and step-by-step reinstallation, it wasn't until SP2 was applied to Outlook 2007 that this anomalous behavior appeared.

In his case, some events showed up as having an interval of every 12 years! I had one of these when I first noted this problem. Unfortunately, the discussion there did not provide any fix - it seems that it is up to Microsoft to recognize, acknowledge, and fix this bug, but thus far, nothing is forthcoming.

As I documented before, I had used Outlook 2007's import function to bring in U.S. Holidays to my calendar. This appears correctly in Outlook 2007's Calendar, but on my TP2, Independence Day, July 4th, shows up as July 3rd!!!

Quite frustrating!