Promises, promises. Another wonderful, blow away your stuff, while seemingly saying it won't.

Still not as dangerous as early DOS formatting the default(current) drive when you left off the drive letter.

[...]C:\Users\<Your User Name>\Documents\Outlook Files

C:\Windows.old\Users\<Your User Name>\AppData\Local\Microsoft\Outlook

[...]

And stuff in %APPDATA% too!, and C:\WINDOWS. C:\Program Files, C:\ProgramData.

Windows 8 "Refresh Your PC without affecting your file[s]" option deletes your Outlook profile

http://support.microsoft.com/kb/2872888