I've just installed this on Windows 7 Enterprise, 64-bit with Matlab R2007b. Seems to work ok with mex.
Things that are different from the readme.txt included with the files.
1) Download the Microsoft Windows SDK for Windows 7 and .NET Framework 3.5 instead of the version of Windows Server 2008
2) The file msvc90freematopts.stp on line 51 contains a reference to 'v6.1' change this to 'v6.0a'
3) The environment variable MSSdk needs to be changed to c:\Program Files\Microsoft SDKs\Windows\v6.0a