Sorry for the tardy response - several things going on, but the Outlook Exchange now works again - - Thanks!
A couple of items to pass along...
1. Trying to "re-establish" the original link by the process in the first post here repeatedly gave the error "invalid e-mail account" (despite the fact that it worked fine the first time???)
2. I loaded an updated MS outlook connector (new version -07/12/2012)
3. Despite this updated connector, still the same error message
4. Closed outlook 2010, went to control panel, e-mail settings and MANUALLY set up the exchange account - - this time it worked fine!!!
Syncing e-mail, calendar and contacts as before - life is good!! (Go to H*** Google Sync)
using Droid Razr - - just updated to ICS from verizon download. The new OS did not appear to make any difference in sovling the connectivity problem - I think it was configuring the e-mail account with Outlook closed.
Thanks to all for the replies and help - hope this helps someone also!