Yes, it's on the sync tab when your phone is plugged into your pc. Just select sync contacts with outlook. You may need to erase the contacts off your phone then select to sync them from outlook. But it should say do you want to erase and replace with contacts from outlook.
I have been able to sync my Outlook calendar and contacts, however, can not get my mail messages for my work email to sync. I am in my 14 day trial and this will be a deal breaker for me; if I can't receive my work email on the Iphone 4. Thanks.