KB Article: http://support.microsoft.com/kb/2691482
You do not see the Microsoft Dynamics CRM 2011 Preview Pane. This problem occurs when the Microsoft Dynamics CRM for Outlook client has corrupt or incorrect values for registry keys on the client machine.
Consider the following scenario: In the Outlook client on the Activities view, the Preview Pane shows the default Outlook Contact form instead of the CRM Activity form. The rows in the grid view may also show the incorrect icon.