I use Outlook on a desktop and a laptop using the Powerdesk sync feature, and have been doing it for years with few issues. To sync to my Treo, I only sync from the laptop (since most of the time when I need to sync the Treo I am on the road.) I keep my outlook PST file to about 250k, and only archive from the desktop machine so that does not cause me any problems. When I leave for a trip, I try to switch to the laptop a few hours before I have to leave so I avoid that last minute stress. It takes me about 1 minute to sync (actually transfer the file) and about 5 minutes for the whole process (for powerdesk to find all the files that need to be transferred, do the sync, and then run again so I am sure I have all of my files.) When I run the archive process in Outlook, I make sure to leave extra time for the process, as that can take 30 minutes for the really large files, but this is only about once a month or so.
I am fortunate that both my laptop and desktop have gb Ethernet, so this will get better when I put in a gb router- I tried one a few weeks ago and it cut the time down by about a factor of five, so full sync (all archive files changed) went from 30 minutes to 6 minutes. I had to return the router, though, because the one I picked, a 5 port Linksys made such a loud noise that it was driving me crazy (it has a fan and generated a lot of heat and noise, more than my desktop!) I now have a D-Link gb router, but I have not hooked it up yet since I want to be home for a week to do that, and that will be next week.
So, my solution is to only sync the Treo from the laptop, only archive Outlook from the desktop, and keep my main Outlook file under ~250 mg so my sync time stays under a few minutes. I regularly work during the day from my home office when I am not traveling and then at night, (like now) I am working from my laptop so I sometimes sync a few times a day. Syncing works over my wireless network as well, but not as fast.
The Treo actually syncs quite well. I was using a Dell Axim for a while, and the silly Microsoft sync applet would usually lock the Outlook file, (preventing a sync) even if the Axim was not in the cradle, and the only way to deal with that was to restart the machine before I sync'd, and that was a real pain the a**. The Treo sync applet releases the Outlook file as soon as the sync is done, so I no longer have that problem.