Using Outlook for Android in business environments for email and scheduling
I monitored my phone for a day and all was well. However, the next day I turned "Save Contacts" on for both email accounts and watched the battery drain go through the roof again. I also noticed that the phone was very sluggish doing anything at all, just like JeffreyTz posted below. Although I don't know where I can measure CPU usage in Android, this would definitely imply processing taxation.
The solution? For now, either live without your Outlook contacts or switch to another email app on your phone. I plan to find a replacement for Outlook on Monday when I have some time to find superior alternatives. I will post my findings next week...