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Resource Manager should exactly fit your needs. Its an additional module from LANDesk which communicates with the outlook calendar.
RM doesn't actually tell you if someone is out of the office though and is restricted to exchange < 2010. I did experiment with using a checkbox on an analyst record to mark someone as being out of the office. This then filtered their name out of the group/analyst list so new assignment couldn't be made to them. The same checkbox could then be used to find incidents assigned to someone who is out of the office and then bulk assign to someone else.
You could use the same idea to run a scheduled job which did an action to remind the group that the person assigned was out currently and run it at say 9am every day.
You could also use the reassign escalation action to pick up an incident getting close to an SLA and reassign it to someone else. This is not directly related to soneone being out of the office, but still useful to do in some circumstances.
A couple of issues I came across ... it wasn't always easy to get people to remember to update their out of office checkbox in LDSD as well as outlook/groupwise/... and sometimes the incident needed to stay with someone, even if they were out as they had the skill set needed to deal with the issue. In the end a queue owner was often better at making these sorts of judgement calls and would know who was in/out/not at their desk.
More ideas will no doubt be along in due course.....You could give everyone a mobile device so they can never escape being on support....