I came across and interesting foo baa today.
I have a demo machine that was built using the Release Candidate version of Dynamics CRM 2011. For a number of reasons I had not yet got round to updating it to the RTM version and it had Windows Update running.
Because it was running as a demo machine on the RC version it did not have any product keys added. Today I fired it up and found that the Outlook client was totally bust. The toolbar would not load and opening a record caused an error.
After a lot of hunting it turns out that the Outlook client had been updated by Windows Update BUT because the Server did not have a product key it had not been updated.
As soon as I added a product key Windows Update detected it, downloaded the update to RTM and after a reboot all was well again.