If i put on the ignore private flag it works as you descibe. The process log says:
"Item not loaded because it is private:Very Secret Appointment"
"Sucessfully loaded 0 items(0 upd, 0 ins, 0 unchd)"
If i remove the flag, i just get:
"Loading items"
"Sucessfully loaded 0 items(0 upd, 0 ins, 0 unchd)"
What i find odd is that in Outlook the appointment is displayed as "Private appointment" but GeniusConnect is able to detect the name when ignoring it (only sync non-private).
What i did to resave was, assign table -> options -> flag "Only sync non-private) -> OK -> OK -> OK. Let it run thru the sync and remote the flag the same way. I did that to all the calendars i run this test on(2).