From the Microsoft blog:
On April 19th, we withheld the Office for Mac 2011 SP2 update through Microsoft AutoUpdate while we investigated issues that affected a small percentage of users. As of this morning, we posted a 14.2.1 update that fixes a number of issues, including the Outlook for Mac database issue, and you can read more about the update in this KB.
This update is primarily preventative and targets those who have not yet installed SP2; however, whether you have or have not installed SP2, please run this update to bring your installation of Microsoft Office:Mac 2011 to the latest version.
So, even if you had no problems with the first update, just to be safe,download this one as well. [Link]