Well; nothing like a new feature (bug) to flummox all of us.
Windows 7 will only support the OPEN Autorun command on CD/DVD media types. It ignores all but a custom icon command on Flash or other external drives.
You can create a scheduled task which will constantly check whether you have plugged in the drive and have it then launch syntoy (read the long post from Monotone in this thread) http://social.answers.microsoft.com/Forums/en-US/vistaprograms/thread/45a49d83-b1d8-4d37-8896-3d2696cf9795
Or you can copy a shortcut to SyncToy onto the drive and then double click it after choosing Open Folder to View Files. If you rename that shortcut and put an !<space> in front of it, it will always appear at the top of the list.
Or we can go down a very convoluted path and (maybe) create a fake CD partition at the beginning of the drive which would let the Autorun work.