I am not sure if the issue might have already been resolved, but here goes:
I have Office Professional Plus 2010 Version: 220.127.116.11.5000 (64-bit) installed. My Outlook runs to an exchange mailbox and locally I have the preview pane activated.
If I receive and email, it is displayed in the preview pane. If I then move the email to another folder or delete it, the preview pane keeps displaying the email message even though it is no longer in the Inbox.
No major issue but I would like to know if this has been resolved.