Exchange 2010 SP3 UR2 + Outlook 2010 SP1 or SP2 with Outlook 2010 hotfix package august 2013 (http://support.microsoft.com/kb/2817574/en-us) is required to solve the archive name issue:
1. Install Outlook 2010 hotfix package
2. Start Outlook 2010
3. Outlook 2010 Autodiscover updates Outlook configuration but Outlook still shows the same display name for different archives
4. Restart Outlook 2010 client
5. Outlook 2010 shows correct archive names:
Note: this is also an issue with Outlook 2010 and Exchange 2013 CU2 with the same solution. I have not yet been able to test this with Outlook 2013 and Exchange 2013.