Yes - It is all possible assuming you are using Micosoft Exchange. It may work with POP mail but I did not try this. Here we go:
1) First setup and configure an Exchange Mail Account for Mail and Calendar (No Contacts yet). Test that this works
2) Select Contacts and Go to the Folders Tab in Outlook 2010 and Select "New Folder". Name this something like "Personal".
3) Put all your non BCM contacts in the Personal folder.
4) Now your (Exchange) "Contacts" folder should be empty. If not make sure it is.
5) Go to the File Menu, select Business Contact Manager, then "Business Contact Synchonization"
6) Select "Start Synchonizing" and select your type of folder. I used Exchange.
7) Outlook will ask you for a category to label the BCM contacts. I went with the default "Business".
8) Outlook will now create a copy of all BCM contacts in the "Contacts" folder.
9) The magic here is that all changes to contacts can be made in either folder and will sync to the other. Mode about this soon.
10) On the iPhone, go into Settings, Mail and turn on Contacts. Now when the iPhone syncs automatically, you will have 2 folders, Contacts (BCM) and Personal. They will stay separate. Now when you change a contact it will sync back to Outlook which in turn will sync back to BCM. You will likely also have a folder "Suggested Contacts" which is a new feature in Outlook 2010. I don't use it, but others seem to like it.
11) One thing that doesn't work is adding new BCM contacts. While you can add them on the iPhone, they only make it back to the Contacts folder and not into BCM. Dragging the new contact into BCM doesn't see to work either. Stopping sync or closing Outlook seems to be the workaround.
I also tried CompanionLink/DejaOffice for 2 weeks but was not impressed. It really does not map well to BCM information and you have to use a different set of contact and calendar programs. It alsio requires a WiFi connectin to sync (no cell sync). At the end of the day, I preferred the method above.
You will not get Accounts, Opportunities and Communication History using the above method and get most of a nothing from CompanionLink/DejaOffice in this respect either.
[Will this work with Outlook 2007 with BCM? Or do I have to upgrade to Outlook 2010 with BCM?]