So I'm setting up a new machine and I have over 25 e-mail accounts I monitor on a daily basis.  I don't feel like setting all of those up all over again one the new machine in Outlook 2011 - lucky for me, I've found a way to migrate your data:

• Install Office 2011 on the new machine.
• If You've loaded Outlook, use command-Q to quit.  Make sure no office applications are running.
• Locate the folder "~/Documents/Microsoft User Data/Office 2011 Identites" on the old machine (for those of you who don't know, ~ is UNIX shorthand for your home folder.  In other words, if your username is HomerSimpson, then this will be found at "/Users/HomerSimpson/Documents/Microsoft User Data/Office 2011 Identities"
• Backup this file to a portable external drive or burn it to a CD.
• On the NEW machine, rename (if you wish to backup) or delete the folder that occupies the location mentioned above.
• Copy the folder you've copied from your old machine from your external drive or backup CD on to the new machine in the same location as it was on the old machine.
• Load Outlook
• It will ask you to re-enter all of your passwords to get them stored in your keychain on your new machine.  Once you're done - you're good to go.