Favorites folder is missing in Outlook? Try this:
Start -> Run; "C:\Program Files\Microsoft Office\Office14\outlook.exe" /resetnavpane
What it does:
/resetnavpane
Clears and regenerates the Navigation Pane for the current profile. Removes all Shortcuts and Favorite Folders. Has the same effect as deleting profilename.xml in your user directory.
http://www.outlook-tips.net/howto/commandlines.htm
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