I think I just installed Service Pack 2 for Office 2010 but when I go to File-> Help it doesn't show that Outlook is at Service Pack 2 level. It only shows version number 14.0.7012.1000.
Does this number indicate that Service Pack 2 is installed?
When you go to Help-> About in Outlook and you see a version number of 14.0.7012.1000 (or higher), it indeed means that you have Office 2010 Service Pack 2 installed.
If it is lower than that but higher than 14.0.6023.1000, then it means you have Service Pack 1 installed.
Anything below that means that you haven’t applied any Service Pack yet.
Classic About dialog
If you have no desire to remember this number, you can also press the text link directly under that version number named;
Additional Version and Copyright Information.
When you click that link, the "classic" About dialog will open which holds the indication “SP1” or “SP2”after Outlook's build number. The version number after MSO is the version number of the overall core of Microsoft Office. This will be the same across all the Office 2010 applications that you have installed.