actually it affects Office 2013 as well - in some cases it crashes Outlook and in others it just quietly throws an error and simply doesn't update the calendar, assuming it was already a successfully added calendar or not. Adding any new calendars fails in all Outlooks.
As for Microsoft's update ... it apparently was to help users that had iCloud calendars (or other internet calendars) already installed that were causing crashes. It still doesn't work, but instead of crashing Outlook when adding or trying to update, it just throws an error now.
Last thread I read from Microsoft about it, their suggestion as a work-around was simply to uninstall and not use iCloud until it was fixed at Apple's end. We don't have any issues with internet calendars that are based on Windows structures, like those that come with our mail hosting service or Exchange, just mainly iCloud. I ran the link through an analyser and it said it couldn't parse the data. If the analyser can't parse it properly, how does Apple expect Outlook to? I saved the file that results when you process the iCloud calendar as an HTTP link (rather than webcal) and the analyser says the file has non-RFC compliant field data, which causes it to fail part way through reading it.
All data & research points to this being an issue at Apple's end so far. It could be related to something else, but not from what has been tested and discovered.
