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In CRM v4 when you qualified a Lead, the activities (Open and Closed) moved to the CONTACT record. (I believe).
This does not appear to happen in CRM V2011.

Category: General
STATUS DETAILS
Declined
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Comments

N

In Dynamics CRM 2011 Online , the open and closed activities do move to the newly created contact (from the lead). The open activity might not show until you change the "Filter On" off of Next 30 days. Hope this helps.

Category: General

N

Thank you for your suggestion. We are considering this functionality for the next major release of CRM. Prashanth GanapathyRaj PM, CRM This posting is provided "as is" with no warranties, and confers no rights.

Category: General

N

Thank you for your suggestion. We are considering this functionality for the next major release of CRM. Prashanth GanapathyRaj PM, CRM This posting is provided "as is" with no warranties, and confers no rights.

Category: General