I believe I am correct stating that if you use IMAP, your Contacts and Calendar will not sync.
Sorry, that's just not right.
Synchronization of contacts and calendar have nothing to do with synchronization of email folders. They are three separate functions. Contacts and calendar are supposed to synchronize with those belonging to the Microsoft Account you sign in with. That account doesn't even need to be set up as a mail account; if it is, though, it is immaterial whether it's set up as an HTTP, IMAP or POP3 account as far as contacts and calendar are concerned.
I say supposed to synchronize, because neither calendar nor contacts synchronization works properly (= as they did before the change) once the Microsoft Account involved has been upgraded to Outlook Mail.
Step-by-step instructions for dealing with the problem of synchronizing mail with an upgraded account were laid out in this article soon after the transition to Outlook Mail began in May last year: Windows Live Mail and Outlook Mail
