I have an iPhone 4 and it syncs great with my Exchange server, though I have never tried to sync to just Outlook. With an Exchange sync available, I would never have a reason to sync to Outlook, sorry. You can natively view Word, Excel and PowerPoint documents in IOS, however you will need to get an app (free - $20) to edit existing documents or create new ones.
I would recommend that you check out one or more of the following links for more information on the iPhone (PPCG is pretty dead for IOS devices):
iPhone - MacRumors Forums
iPhone General Discussion - iPhone Forum
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