I can't be sure, but unless something's changed the answer to your questions about spotlight would be a big "no." As far as I know Outlook and Entourage keep all their data in a few huge metafiles which, once corrupted, mean you lose everything. That's exactly why I am now a Mail user, as a matter of fact.
I have to use Exchange at work, too, but that's on PC's exclusively. From home I can only access my mail from the web, which Safari does pain-free.