If it did, that would actually be a useful thing, as one would have a snowball's chance of extracting data from them without MAPI or some 3rd party reverse engineered library or app.
Back in the Outlook 98 days when Access had a 2 gig limit and pst files had the same limit, I just assumed there was a relation. A little research shows (according to MS) it was an ANSI versus Unicode problem.
----------------------------------------- Impeach Bush. Impeach Cheney. Do it now.