In Outlook 2010, it worked for me and I didn't find bug reporting. What is your exact code? What do you mean, "inspect the item object"?
You just put your code in the event like this:
Private Sub Application_ItemLoad(ByVal Item As Object)
MsgBox "New mail item."
End Sub
That's all.
I hope that these remarks provided by MS my be useful to you:
http://msdn.microsoft.com/en-us/library/office/ff868544.aspx
Remarks:
This event occurs when the Outlook item begins to load into memory. Data for the item is not yet available, other than the values for the Class and MessageClass properties of the Outlook item, so an error occurs when calling any property other than Class or MessageClass for the Outlook item returned in Item. Similarly, an error occurs if you attempt to call any method from the Outlook item, or if you call the GetObjectReference method of the Application object on the Outlook item returned in Item.
Edit:
The best I could come up with is by putting this code into the Application_ItemSend event method:
Private Sub Application_ItemSend(ByVal Item As Object, Cancel As Boolean)
Dim myInspector
Dim wdDoc
Dim rng
Set myInspector = Item.GetInspector
Set wdDoc = myInspector.WordEditor
Set rng = wdDoc.Application.Selection
With rng
With rng.Style.Font
.Name = "Arial Black"
.Size = 12
End With
End With
Set myInspector = Nothing
Set wdDoc = Nothing
End Sub
The problem is that you cannot set properties on an item that is not yet available yet (as described by MS). Well, from this point of view it is actually impossible.