Yes ... deleting and reinstalling means you may never be able to add it back. Some folks above seemed to have gotten lucky but I have tried for 3 days.
It seems like if you are patient your phone will find that rare window of opportunity and reconnect. So just wait, and if you get the annoying popup to update your password, ignore it.
You can add it back through POP (IMAP not working for me, perhaps same issue). But you won't have access to your contacts, or calendar items. Oddly enough the phone still had my old Outlook calendar items from before I removed the outlook account.