I have not been able to sync an Outlook Personal Folder through active sync.

But as a workaround I have been able to sync the *.pst file using the files sync properites.
Tools\Options\
Select Files
Then select settings and map the *.pst location.
This does not solve your problem for viewing on your handheld, but would solve it for viewing at home. (Assuming you point Outlook to the *.pst file location on your home computer.)