I have followed the steps at http://blogs.technet.com/b/exchange/archive/2011/02/16/exchange-2010-sp1-and-exchange-online-office-365-calendaring-faq.aspx to set it up, which seems to have worked, but I can't access the other organization calendar and they can't access mine.
I am using 2010 Sp1 on premise, the are on Office 365.