I noticed this little gem after upgrading my Lync client to CU5. A very brief poll seems to indicate that this is indeed a new feature. Note the small down arrow below the call button.
Clicking that expands the view so that you can see the entire out of office (OOF, to current and former Microsoft employees) note, complete with a scroll bar if the message is long.
This is a nice little feature that saves me from having to open the contact card to read people’s (sometimes lengthy) out of office notes. Now I just need more people to see these in Lync and Outlook before sending e-mail so my inbox wouldn’t fill up when I’m OOF myself.

This seems to only work when viewing contacts in Picture View. The Name View does not seem to have this feature.
Posted by: Waveformation | 03/26/2012 at 10:38
Good point - I don't use that view but can confirm that it doesn't show up in the Name View.
Posted by: Mike Stacy | 03/26/2012 at 10:59