I don't really like the Contour and Convert Outline to Object effects in CorelDRAW. The results can be pretty buggy when the artwork is taken into other programs like Adobe Illustrator or Flexi. Sometimes certain curved points will import as straight lines or other strange stuff.
I prefer the Offset Path effect in Adobe Illustrator. It produces cleaner, more precise results. You can choose Miter, Rounded or Beveled corners. It's a "live" effect you can adjust until you expand it and make the results permanent. Plus there's not a bunch of interior objects to break apart and delete like you have to do with Corel's Convert Outline to Object effect or expanding a stroke in Illustrator.