Here's the latest update from Microsoft:
Current Status: The deployment of the fix is taking longer than initially anticipated. Engineers are continuing to deploy the fix across the affected infrastructure to address end-user impact. Further investigation has determined that the fix will enable removal of the errant folder from the Apple Calendar, however, third party software may cause the errant folder to reappear.
User Experience: Affected users are seeing an additional folder in their calendar, titled "TimeProfile", that cannot be deleted. The extra folder does not affect the user's primary calendar and can be ignored.
Customer Impact: Customer impact appears to be limited at this time. Initially impact appeared to affect both Outlook for Mac and the Apple Calendar. Additional investigation determined that the appearance of the errant folder is isolated to the Apple Calendar.
Incident Start Time: Thursday, January 15, 2015, at 12:00 AM UTC
Estimated Restoration Time: Wednesday, February 04, 2015, at 11:00 PM UTC
Preliminary Root Cause: As part of our ongoing efforts to implement new feature improvements, an update was deployed to the calendar service; however, the update caused a hidden system folder to appear in the calendar for Exchange Web Services (EWS) clients.
Next Update by: Wednesday, February 04, 2015, at 11:00 PM UTC