I'm not too sure how many other people might have seen this error but it was a nuisance for me!
Some users will find that the service calendar is not available or simply doesnt appear when viewing the CRM Service element.
You need to make registry settings changes to overwrite the servername that is used for the Outlook client - using either a variation of the host name or the IP address of ther server that hosts CRM.
See the following knowledge base article for more info. http://support.microsoft.com/kb/910050/en-us