Tom said it right...
This is one of those things that many people do, and then complain if something does not work right. Just because you can do it, it does not mean you should. I have been bitten by OL and ESM conflict before and it was no fun. Things are different with Exchange 2007 and there is a great reason why - because there is no MAPI "in the box" so there is no conflict.
I mean - be creative here. If you really want to roll the dice, you still can. Perhaps - remove Outlook, install CDO and ESM and then install Outlook? I am not saying you should, but you'd get what you wanted. of course - if it breaks something, don't complain.
Geez, it almost sounds like MS broke something huge here or this is a brand new problem. So this is now "useless" huh. I guess they should instead just not bother to release something new for a 5 year old product?
Anyway...