We have a new 220.127.116.11 with some changes on how PB interacts with Outlook. You may want upgrade to this new version.
On 4508 D&D Outlook Contact information appears to be completely disabled. The D&D action doesn't open the Brain in Auto-Hide, and with PB in Float mode, the action doesn't 'take'.
Correction (sorry, Matt) ... it works after shutting down and restarting both Outlook and PB.