This is called the Offline Address Book and is being generated on the Exchange server.
Due to various synching schedules, it can take up to 48 hours before you could actually see a change in Outlook after a modification has been made on the Exchange server or in Active Directory.
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You don't need to specify a value with this switch.
I can delete the oab and the profile folder is recreated but empty.
To use any cmdlets that require the Address List role, you need to add the role to a role group.
For more information, see the "Add a role to a role group" section in the topic, Manage role groups.
This situation however is extremely rare since the default maintenance time on Exchange is at AM and updates and downloads are usually performed during working hours.