Data stored in personal geodatabase feature classes or SDE feature classes do not run Geographic Transformations in the reverse direction on the fly in ArcMap. Transform forward works correctly.If the Geographic Transformation is not set when data from a personal geodatabase or SDE is initially added to ArcMap, setting the transformation at a later time through Data Frame Properties > Coordinate System tab > Transformations will not transform the data.
Create a custom geographic transformation in ArcToolBox, that will run the transformation parameters in the reverse direction. Access the custom reverse transformation in ArcMap > Data Frame Properties > Coordinate System tab > Transformations button to align all the data in the map document.Note: this is fixed in 9.3 SP1.