Vista: WM11 Sync Fix for Windows Mobile
Microsoft KB 931621 describes the issue and has a fix for you.
You try to synchronize content from Microsoft Windows Media Player 11 to a Microsoft Windows Mobile 5-based device with AKU 2.3 or a later AKU. When you do this, the phone connects. However, only the internal storage on the phone is available in Windows Media Player as a synchronization target.
Download information
Windows Vista for x86-based computers (all languages)
The following files are available for download from the Microsoft Download Center:
Download the Windows6.0-KB931621-x86.msu package now. (http://download.microsoft.com/download/3/E/2/3E24B381-2F19-49E4-8B4D-522C7EAA1F86/Windows6.0-KB931621-x86.msu)
Windows Vista for x64-based computers (all languages)
The following files are available for download from the Microsoft Download Center:
Download the Windows6.0-KB931621-x64.msu package now.