Yep, it works great.
I bought the Thunderbolt adapter for my Seagate GoFlex. Use the Windows 7 install USB stick that Boot Camp makes. Each time Windows installer reboots, you need to hold the option key to reboot back to the new installation. If you miss it and the computer boots back to OS X, no problem, just reboot with option. Once Windows is finished, run Windows Support from your USB stick.
When you try to select Boot Camp in the startup disk control pannel, there is only one 'Boot Camp' even if you have a Windows installation on your internal drive. When you boot into 'Boot Camp' there is a high quality beatiful black and white ASCII boot manager screen that Microsoft made. You'll see 'Windows 7' and 'Windows 7' to choose from. There is a freeware boot manager editor you can use to uniquely name your various Windows boots, or you can use Microsoft's cryptic text based editor. Windows doesn't do Thunderbolt plug and play, so if you're on an internal Windows and plug in the drive, it won't appear or even start up. Reboot and it'll be available in the boot manager.
I plugged the drive in through the Thunderbolt display, and everything worked fine. I was sure I would have activation trouble with all the peripherals in the TB display, but there was none. In the Windows Device Manager, every last thing has a properly working driver. I've never seen a PC with every device working.
It all works because Thunderbolt really is a PCI express slot, just like in a desktop machine. In the GoFlex enclosure, there's an ATA controller just like on an adapter card. Windows hasn't a clue that it's external.