When you receive an invitation to a meeting via e-mail, you can accept or decline (or say maybe) directly from your iPad or iPhone. You will see a red notification circle on your Calendar app icon. This process is shown on iPhone 6 with iOS 8, but works the same on iPad and iOS 9 & iOS 10.
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.