To some degree, Outlook support will depend on the direction that Microsoft chooses to take. Currently, the new Outlook client on Windows doesn't support EWS or MAPI, which really only leaves IMAP or POP. From what I can tell, those protocols still route through Microsoft's cloud servers.
For a while, the Mac version of Outlook was the same. However, we recently became aware that the new Outlook for Mac has added support for EWS without the connection routing through their servers. Unfortunately, something about our EWS implementation doesn't play nice with the new Outlook support. They appear to have rewritten their EWS handling, making it stricter about some things than the legacy client was. We currently have this on our list to address, and hopefully we can provide an update soon.
That said, some testing we did with an Exchange account shows that new Outlook for Mac has some limitations compared to what was available with the legacy version. The first is a lack of support for tasks and notes; Outlook doesn't even have sections for them. The second is a lack of support for contact folders. While it will sync contacts from all contact folders, new Outlook doesn't display the separate folders. Instead, it displays them under two virtual folders: Contacts and Contact Lists. Creating new contacts or contact lists just assigns them to the default contact folder for the account.