I like them both for different applications, but Gmail still preferred
For business, I prefer using folders because then I can categorize things based on whether I want to see them right now. The tags are a great long-term storage aspect, but for quick-in, quick-out, they aren't as useful to me as folders. Outlook +1 (Business). Adaptive folders? No thank you. I'll shut it off (hopefully I can) and stay with basic rules.
For personal email, I love tags because I frequently tag emails with 3+ tags. Gmail +1 (Personal).
Google's search feature is still far superior to anything out there (duh). The results are instant and the algorithm has never led me wrong yet. Can't say the same for Outlook's search. Gmail +1
Conversation threading: Gmail has it, Outlook doesn't. If there was any one single feature I wish Outlook would have added, it would have been this. Gmail +2
The easy integration with chat and IM is also very nice - so nice I haven't used Skype in months. Gmail +1. I'll bet Outlook integrates nicely with Skype (now that Microsoft purchased it) and Linc, but I don't really want my business email tied to my personal Facebook account - or any other Facebook account for that matter. That's all I need - more distractions.
Google+ is okay and has some nice features, but doesn't have the user base of Facebook. (Gmail -1)
When business is paying for my Office license, I'll use that. At home, it's Open Office all the way. No way I'm paying for an Office product at home (or per year for Office Live).
I'm not seeing Outlook as a "revolutionary" email client - just some incremental changes that are innovative and competitive. Certainly nothing that is going to really challenge Gmail in the unpaid realm, and Microsoft already has the paid realm locked up pretty well. I'm seeing this more as a status quo thing.
