This script has worked very well for me through Windows XP and Windows 7. Note, that you do need to locate the exact path to the ghostscript file on your local drive. The example provided in the .m notes is just that, an example and will likely not reflect where the gs file is located on your machine.
For Windows 7, i found that the OS doesn't have a suitable gs to path to. www.ghostscript.com has a free download for ghostscript 9.07 which resolves this problem. Just path to the .exe and change the eps2pdf script to the correct file name and you're all set.