SBS 03 to SBS 2011 and public folder contents empty?

Hello, we are in the process of migrating from SBS 03 to SBS 2011.  We are currently in the mailbox migration as well as the public folder phase and are having issues.  For some reason, we are able to view the entire tree layout of the public folders list (about 416 objects) but not to view any of the contents in Outlook as they are empty.  We have users whose mailboxes are still on the old 03 server, while others are newly connected to the new 2011 server post migration.  Both of which, users are unable to view any content within the folders, but able to see the entire tree layout of them.

For troubelshooting, I looked under the SBS 03 ESM under Public Folder Store (ServerName) and then Public Folders...it is completely empty.  Also, under Public Folder Instance, it actually lists all of the public folder objects as well as corresponding Sizes.Then, I also checked Replication Status, under Public Folder Store again and see the 416 objects listed, along with "2" under the Number of Replicas column, and "In Sync" under the Replication Status column.   Does this just mean we have to sit and wait for the replication to complete?  Or is there something I am missing and/or a possible error causing this?

Thanks