Users have reported that after moving to Server Sync, CRM for Outlook no longer enables the View in CRM and Convert buttons for tracked activities.
This is a known issue. The good news is Microsoft has recently published the KB article for Update Rollup 2 for CRM SP1, and this issue is slated to be resolved with the update.
“When using Server Side sync and setting the option to track all email within personal options, received emails do not change the Track button, this causes the View in CRM buttons to not get enabled within the command bar.”
Thanks to Adam “Sherlock” Vero for finding this tip.