Platform tracing reveals information similar to this:
Error| Exception : Metadata contains a reference that cannot be resolved: 'https://<ServerName>/<OrgName>/XRMServices/2011/Organization.svc?wsdl'. at System.ServiceModel.Description.MetadataExchangeClient.MetadataRetriever.Retrieve(TimeoutHelper timeoutHelper)
at System.ServiceModel.Description.MetadataExchangeClient.ResolveNext(ResolveCallState resolveCallState)
at System.ServiceModel.Description.MetadataExchangeClient.GetMetadata(MetadataRetriever retriever)
at System.ServiceModel.Description.MetadataExchangeClient.GetMetadata(Uri address, MetadataExchangeClientMode mode)
at Microsoft.Xrm.Sdk.Client.ServiceMetadataUtility.RetrieveServiceEndpoints(Type contractType, Uri serviceUri)
at Microsoft.Xrm.Sdk.Client.ServiceConfiguration`1..ctor(Uri serviceUri)
at Microsoft.Xrm.Sdk.Client.OrganizationServiceConfiguration..ctor(Uri serviceUri)
at Microsoft.Xrm.Sdk.Client.ServiceConfigurationFactory.CreateConfiguration[TService](Uri serviceUri)
at Microsoft.Crm.Outlook.ClientAuth.ClientAuthProvidersFactory`1.GetAuthProvider(Uri endPoint, Credential credentials, AuthUIMode uiMode, Uri webEndPoint, IClientOrganizationContext context)
at Microsoft.Crm.Application.Outlook.Config.ServerInfo.LoadUserId()
at Microsoft.Crm.Application.Outlook.Config.ServerInfo.Initialize(Uri discoveryUri, OrganizationDetail selectedOrg, String displayName, Boolean isPrimary)
at Microsoft.Crm.Application.Outlook.Config.ServerForm.LoadDataToServerInfo()
at Microsoft.Crm.Application.Outlook.Config.ServerForm.<InitializeBackgroundWorkers>b__2(Object sender, DoWorkEventArgs e)
at System.ComponentModel.BackgroundWorker.OnDoWork(DoWorkEventArgs e)
at System.ComponentModel.BackgroundWorker.WorkerThreadStart(Object argument)