I faced the same problem. Surprisingly what helped to recover the situation was answer to this:
http://answers.microsoft.com/en-us/mac/forum/macofficepreview-macinstall/office- preview-crashes-at-startup/343455aa-5257-48be-babc-8e8f65196756
namely the steps:
1. Open Terminal
2. Type defaults delete com.microsoft.Outlook (to delete the old preferences).
3. killall cfprefsd (to kill the cached prefs)
4. Launch Outlook
Pressed 'continue' on the intro screen and so far Outlook 2011 is opening windows.
Not sure if this is a permanent solution, as I did Identity DB rebuild several times and switching identities oand nce I was able to start Outlook with all windows open, but then, after closure it went to the same state without any windows (can't find an explanation how and why). So this problem seems not to be very straightforward and might be difficult to reproduce for Microsoft. I think it depends on user environment whether upgrade to 14.5.0 will cause no issues or vice versa.
Currently Outlook seems to work, under monitoring..