Over the last few months we've seen a number of complaints where all new messages are delivered to the Deleted Items folder. A hotfix released this week addresses this problem (and many more).
Additionally, the hotfix provides a design change: the Secure Temp folder for Outlook 2007 is automatically cleared when you exit Outlook. This behavior change is important to note as users will no longer be able to recover attachments accidently saved to the secure temp folder after they close Outlook.
This hotfix fixes a number of other issues – a complete list is in the following KB article.
Description of the Office Outlook 2007 hotfix package (Outlook-x-none.msp): June 29, 2010
Published July 1, 2010. Last updated on June 17, 2011.