For anyone who has run into an "ObjectValidationException" as shown in Priit's example and Russ's example above, we've discovered this can happen if you have appointment items with inconsistent date properties. We use several different properties to determine the start and end times for appointments, and if those properties are not in sync with each other, this error will occur. You can fix the problem by opening the appointment with Outlook, changing start or end time, and saving it. Unfortunately, the error doesn't tell you which item is the problem, so it could be a pain to track it down. There may be other causes for this error, but so far I've only had one such case come to me, and that was the problem in that case.
Ian, I haven't seen the "corrupt summary TNEF content" before. I did find a couple of previous cases with this error. In one case a third-party application running on an Exchange 2003 hub server was modifying messages on their way to Exchange 2007. In another, a third-party scheduling application was creating some invalid meetings.
If you call in and open a case on it I'm sure we can track it down. Of course, I can't promise the solution will be any better than going the PST route, but we should at least be able to find the cause of the failure and document it appropriately.