The other day I detailed how to work around Microsoft's ill-conceived Office 2011 SP2 update. A few days later, Microsoft pulled the update for many of the reasons I cited in that original article. Wednesday, Microsoft released an update to that update in the form of the Microsoft Office for Mac 2011 14.2.1 update.
It addresses the issue with Outlook database corruption and notes that Office's Scripts folder has been moved, which causes SpamSieve to no longer do its job, as I've noted.
If you've already installed the original SP2 update, Microsoft suggests that you also install this 110MB update. I've done so with my previously updated copy of Microsoft Office 2011 and the installation went without a hitch.
I additionally installed the update on my laptop's copy of Office 2011, which I haven't previously updated. Upon launching this Mac's copy of Outlook I was told that I must upgrade its database. This I allowed and waited around 35 minutes while that happened. Once the job was complete, Outlook fully launched and I was able to use the application as normal.