This time I wrote a batch script which does most of the work. Just run the script on a machine where Visual Studio 2010 is installed, and it will create a "mstest" folder with the necessary binaries and registry entries. Copy the folder to your build machine, prepare the registry by executing mstest.reg and you're good to run mstest.exe like this:
mstest /noisolation /testcontainer:"path\to\testproject.dll"
This will return an error code if any of the tests fail.
As an anonymous commenter on my previous post pointed out, you should be careful of the license implications. In our case it is most likely OK because we have a site license. But even so it can be useful to avoid a full Visual Studio install: it saves a lot of disk space, and you don't have to spend time babysitting the installation. Or multiple installations, if you have a cluster of build machines!
update: thanks to Frederic Torres for pointing out that the script doesn't work on a 64-bit Windows, and suggesting a fix!