It’s confusing because the Microsoft announcement does not say anything about the switch. However, my experience from trying it out is that:
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With New Outlook enabled, there are still lots of missing features (rules, AppleScript, etc.).
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Microsoft does say that AppleScript support is on the roadmap for this month:
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The switch is still available via Terminal.
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The old/fully featured version is not free. It will keep you in offline mode unless you activate with a Microsoft 365 subscription (or start a free one-month trial).
