The only related thing I see in the event viewer is in the Application
Log: "Rejected Safe Mode action : Microsoft Office Outlook."

More details:
- If I don't have a default Mail profile, I get past the dialog that
prompts me to select one before the hang
- If I run in Safe Mode, the hang happens with the "Configuring
Account Settings" dialog displayed...it seems to be stuck on the
"Migrating Account Settings" step.
- When restarting Outlook after running in Safe Mode, I get a message
offering to do a "Detect and Repair", since launching in Safe Mode
failed. I do the "Detect and Repair" and it finishes successfully, but
the behavior is still the same the next time I start Outlook.
- I don't see anything in DebugView
- The same behavior happens for local users I created to test this.
These local users are local Administrators.