Why do I get the error "no Outlook profiles were found" in HTC Sync?

I solved it by installing the latest version of HTC Sync (3.3.53). Syncing contacts and calenders with Outlook works now again. The install took well over 20 minutes! Besides HTC Sync the setup also installed Adobe AIR (3.7.0) and HTC Driver Installer (4.1.0). This added even more time to the lengthy installation process. The setup removed previous version of HTC Sync. This probably added even more time to the total installation time.

This version also has the option to allow me to choose the Outlook profile/folder. Unfortunately you can't even access the options unless you connect a compatible phone and the phone is recognized. There are absolutely zero options unless you connect the phone!! This is rather ridiculous!