I came across this on the SmartPhone Thoughts web site (http://www.smartphonethoughts.com)
I wasn't aware of a version 1.0 of the software, but apparently version 2.0 is an improvement! SyncToy is a Microsoft 'PowerToy', a small application designed to facilitate common actions and a 'bolt-on' to the operating system.
SyncToy performs much the same funciton as the Briefcase in that it allows you to keep the contents of 2 different file locations synchronised, be they local drives, network drives, connected PDAs: anything that can appear as a drive within My Computer.
It is a free download from the Microsoft web site, here:
http://www.microsoft.com/downloads/details.aspx?familyid=C26EFA36-98E0-4EE9-A7C5-98D0592D8C52&displaylang=en
Once installed, an icon will be added to the Windows Start Menu, the main interface looks like this:

To create a synchronisation relationship, click the option to Create New Folder Pair, the following window will be displayed:
Select the target and destination locations. Click Next, the following window will be displayed:

Select the desired method of location management - a short explanation describing what each option does will be displayed. Click Next, the following window will be displayed:

Enter a name for the sync relationship and click Finish. The relationship will now be listed:

Selecting the Change options link allows you to further customise the synchronisation process:
