You can change the time increments shown in your Outlook calendar to allow for smaller more detailed calendar entries. This will work in Outlook 2003, Outlook 2007, and Outlook 2010.
If you have multiple e-mail accounts set up on your iPhone (iPad), you can set a “Default” Calendar to use when creating appointments/meetings. This means that when you create a new meeting/appointment it will be put on the default calendar. You can choose a different calendar when creating a appointment/meeting in the “Calendar” option.