Will Outlook Work with Mac?

I have a Sony Vista laptop with Outlook 2007. Are Mac's fully compatible with Outlook meaning can I transfer my existing Vista Outlook files to a new Mac and have them work properly? Also what happens when someone using Windows sends an appointment invitation to a Mac user? Can they open, accept, reject, respond, etc as you can do Windows to Windows? I would switch but need compatibility and seamless integration between me and those in the Windows world as well initially to get my Vista Outlook files onto the new Mac.