Remember that, if you have an Enhanced account, you can use ActiveSync, to not only sync e-mails, but also contacts and events.

Here's the step by step for setting up an IMAP account on Android's native mail app.

If you want to setup IMAP with SSL, after clicking on Add account > Email and typing in your e-mail and password, fill out the hostnames as per below.

Note that IMAP is preferred over POP. If you want to set up the account as POP, you have to set it up manually. IMAP is a protocol made to support several devices accessing one same account, with all folders synced at our server, which also guarantees that our backups will be executed.