If I want to backup all my messages and everything... ie if I was going to
reformat or something

C:\Documents and Settings\User\Local Settings\Application
Data\Microsoft\Outlook

All I need to do is copy this folder and point to these .pst files on the
new installation right?

Now what about backup up connection settings and rules? I only have 1 email
account setup so if I had to it wouldn't be hard to set that up manually.