From http://www.vistaheads.com/forums/microsoft-public-windows-vista-general/125180-run-administrator-loses-access-mapped-drives.html, 
(via http://social.technet.microsoft.com/Forums/en-US/w7itpronetworking/thread/31c9eff2-ece3-4430-886d-19b54796e411/):
This is actually normal behaviour. As you saw on XP, drive mappings
  are specific to a user context. So if User1 has a drive H: mapped to
  \server\share1, User2 does not automatically get any access to this
  H: drive mapping; it only exists in User1's session. If User2 wants to
  access \server\share1, they need to create their own mapping, either
  H: drive or any other drive which suits.
Well, it is kind of the same in Vista .... only moreso.
Unlike previous versions of Windows, when an administrator logs on to
  a computer running Windows Vista, the user's full administrator access
  token is split into two access tokens: a full administrator access
  token and a standard user access token. During the logon process,
  authorization and access control components that identify an
  administrator are removed, resulting in a standard user access token.
  The standard user access token is then used to start the desktop, the
  Explorer.exe process. Because all applications inherit their access
  control data from the initial launch of the desktop, they all run as a
  standard user as well. After an administrator logs on, the full
  administrator access token is not invoked until the user attempts to
  perform an administrative task.
So, when an administrator "elevates" to perform some kind of action
  which requires administrative access, their "split token" is replaced,
  temporarily, with a a full administrative token. In effect, this means
  they now have a different user context. So the drive mappings are
  changed, as well. So the H: drive, no longer has a valid mapping in
  the current context.
The workaround I have used is to open an administrative command prompt
  - where you have an elevated token all the time - and create a matching drive mapping from there (net use h: \server\share1). Since
  the standard user and the elevated administrator have a common
  understanding of what "H:" drive means, everything runs okay.
I understand (well, sort of!) why this design is in place. I won't
  attempt to criticize or defend it. But, there you have it.
In an ideal world, administrators would have been able to configure
  "global" mappings, which automatically applied to every user context
  on the machine (almost like real devices). But, that didn't happen.
  Most operating systems have a mish-mash of untidy compromises, in
  varying degree.