Ilium had this to say of their new adaptation: "eWallet for Windows Phone 7 is designed to perfectly fit the look and feel of the new OS. It takes the best features of eWallet and adapts them to Windows Phone 7's unique interface."
There's only one problem: Zune software doesn't sync files between your computer and device; it only syncs media. This means that Ilium will need a new mode of interface between Windows Phone 7 and your computer. That interface will most likely come in the form of the cloud.
If eWallet stores your information on the cloud, there is a whole new security issue with the supposedly secure solution. Yes, it will be encrypted, but users might still feel uncomfortable uploading all their most sensitive information.
The other alternative sync method is through a dedicated desktop application. A desktop method might be clumsy, as so many desktop sync applications are. It would also add another step to the process, detracting from the intended simplicity of the eWallet system.
source: Windows Phone Thoughts via wpcentral