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I tend to store "projects" in their own PST file and then disconnect when the project is done. At home I'm not a "pack rat". So my PST is small [156MB].
PSTs greater than 2GB for Outlook 2003 and before aren't recommended.
I knew one guy who [at work] exceeded 31,000 messages in his inbox alone. It took 75 minutes to sync with exchange when he got a new laptop.