MicrosoftI have 1 year of local exchange cache and when I select subfolder it is quick in the search of the current folder tree, takes about 1sec.
After that the option more appears at the bottom of the results, if I click that, it searches the server and returns all results in about 2-3 seconds. This is on a mailbox of 30GB and over 10 year of emails, so working as I would expect.
I rolled back and checked it was working with the older version, same times as above on searching current folder, then updated again to see if it solved the problem, but alas it didn't for me.
So will use subfolder until MS find a fix. 
I have over 300 users, at multiple sites around the world, affected by this, so originally pushed them to OWA for server searches. I have now told them subfolder should work. Some have reported that normal search has resumed using Current Folder, while other still have the problem, so use subfolder.
