Spotlight will not search Calendar events past one year iPhone 3G

Just spent the last 2 hours trying to figure this out myself. In exactly the same boat (freelancer, 16 years worth of history in Ical). Searching the calendar was the one feature I missed from my Treo days. To say that I was looking forward to 3.0 was an understatement.
In addition to your observation, I also find that results are very inconsistent. A search for a particular job that occurred several times over the last few months only turns up the most recent occurrence. Other jobs show up correctly multiple times in the found results.
If this is indeed a built-in feature, Im EXTREMELY disappointed. Whats the point?

Event searches from within the Calendar app will return multiple results. Still limited to a range of 1 year, though. Not too useful for me.