I had an issue where when anyone in my organization would try to export a
sharepoint calendar to Outlook 2003, they would get an error that the version of
the pst file was 1997-2002 even though we have 2003 installed.

The fix was to change the newPSTFormat DWORD that lives at
HKEY_CURRENT_USER\Software\Microsoft\Office\11.0\Outlook from a 3 to a 2, from
ANSI to Unicode.

After this was pushed out via a script to all users the world was safe again!