After upgrading to Lion yesterday, I am having the same issue on both my MBP and iMac on Outlook 2011. I also downloaded and installed Microsoft Office update 2011-1412. The inbox correctly displays the number of new unread emails, but only some of these display (typically if I have 6 incoming emails, 4 will display, 2 will not). Sometimes if I change folders and then go back to Inbox, the unread mails display but sometimes, I have to close down and re-start Outlook to get the mails to display. You can search for the missing emails and if your search locates something, the missing mail will pop up. I have done all the usual first aid - verified HD (with Disk Warrior), repaired permissions, rebuilt my Office Identity. None of these have cured the issue. Anyone else having this issue? I tried to post something in Mactopia but as usual, it is not accepting posts.