TrendMicro has details of an organized phishing scheme that's targeting Microsoft Outlook users.
Via their TrendLabs Malware Blog, samples are provided of a phishing email that encourages Outlook users to click on a link to reconfigure Outlook. The link takes users to a phishing website where critical email account information can be harvested for later use.
As Trend points out, simply having a user's email address and password isn't as desirable as having the actual mail server configuration data. I'll bet dollars to doughnuts that some of the compromised accounts will be used to crank out spam.
Once again I implore you to never click on links embedded in emails unless you are absolutely, positively certain of its origin - even if it claims to be from Microsoft.