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Microsoft Outlook is a complete e-mail client and personal information manager consisting of calendar(s) (including "team calendars" to assist meeting scheduling), daily/weekly planner, to do list, and notes. Naturally it integrates with other Microsoft office products; mail merging works only in conjunction with MS Word.
Outlook comes with all the shared functions of Microsoft Office including file converters and tools for proofing and graphing. Various dictionary versions are available.
Digital signing and message encryption are available naturally, as are mail filtering and options for controlling whether scripts and other potentially nasty attachments and HTML inclusions are allowed to operate.
Mail and other messages can be searched according to criteria such as sender and content. Automated tasks can be arranged using Visual Basic macros. Address books can only be imported and exported in VCard format, but most other applications read this format -- except for those packages that make a point of being different for security purposes. Of course, this is a Windows-only package. It requires 128MB of RAM and at least 150MB of disk space.
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What about Opera; another free browser with a built-in email client. I mean, if you are going to give top honors to a free client, then you should look at the other free client also. This review justified itself largely based on the failing security of outlook, but if that's your main concern, don't get thunderbird no matter what. I mean, come on, IT'S OPEN SOURCE. It doesn't get any less secure than that. It doesn't have the market presense of outlook, but if it ever does look out -- there will then be incentive to use it as the vehicle for viruses, and it will be childs play since it's open source.
Opera, with it's email client, is free, not open source, and actually attempts some things that are revolutionary. I don't think that it would win your shoot-out, since it tries to be different and takes a lot of getting used to. I don't even think that I like it the best of the ones that I try, but I respect it for what it is trying to do and the fact that it is much more secure than outlook.
Just my 2 cents; I'm tired of hearing about Mozilla/Thunderbird when I have seen time and again that it is an inferior product to my current favorite.