There is an article in MS Help & Support:
http://support.microsoft.com/kb/821667
which claims that this problem (then in Outlook 2002) was fixed in Office XP
Service Pack 3. Is it possible that this fix has not made it into Office
2007? I am having exactly the same problem as the original poster.
I will explain how I arrived at the current situation:
I launched Outlook for the first time, created a new email profile,
synchronized with gmail. All was okay at this point.
Then I imported another .pst file that I moved over from an old laptop. The
import went fine and everything still seemed okay.
Then I "Add"ed a second, different .pst from yet another old laptop. I
wanted this .pst to remain as a separate set of mail from the original email
profile. When I clicked on the inbox of the "Add"ed Personal Folder, it said
"DataBinding..." in the lower left corner and nothing appeared in the preview
pane and my CPU utilization went to 100%. Office 2007 did not freeze, as I
was able to click back to the original Personal Folder, but the CPU
utilization remained at 100% and the preview pane remained unrendered (that
is, it remained looking like the screens background). When I opened an email
in the original Personal Folder, the contents of the email remained a blank
white space.
I am running a new, clean installation of Windows XP SP2 and have just
installed Office 2007 for the first time. I have Google Desktop running,
although I stopped it in hopes that its "indexing" might have had something
to do with the problem. Exiting Google Desktop had no impact.