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Hope this works for you: just managed to fix it.

Go to the latest SP build and open Preferences > Sync. Set it up through MobileMe, and sync (check it works, doesn't provide errors).

Now go back to the Sync pref pane and click 'Share Settings'. Open OF on your iPhone (with wireless on) and go to Settings - it should show that it has picked up the settings from your Mac.

Say OK, and it will go through the usual 'local or server copy' routine, and you're up and running.

Hope it helps.