Refer to the following video clips and training guides in regards to Microsoft calendaring.

Accessing others calendar after they have given you permission

Calendar Default View

Outlook 2010 - In calendar view, select Home tab > Open Calendar

Outlook 2007 - from your calendar view, select Open a shared calendar (in left panel)

Default View is Free/Busy.

By default for all users, free/busy time shows only when your calendar is busy, not your entries. If you wish to change, go to permissions