I've forwarded the issue upstream:
http://bugzilla.gnome.org/show_bug.cgi?id=360593
** Changed in: evolution-exchange (Ubuntu)
Importance: Undecided => High
Assignee: (unassigned) => Ubuntu Desktop Bugs
Target: None => ubuntu-6.10
** Bug watch removed: GNOME Bug Tracker #347811
http://bugzilla.gnome.org/show_bug.cgi?id=347811
** Bug watch added: GNOME Bug Tracker #360593
http://bugzilla.gnome.org/show_bug.cgi?id=360593
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subfolders don't show in 2.8.1
https://launchpad.net/bugs/63797
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