Having real trouble on Windows 32-bit 7.2.2 with this issue.
I have a custom folder for some VSTs. They are definitely visible to the Max search path via specifying the folder in File Preferences.
The first time the vst~ object is created with the name of the VST as the argument, the VST loads with all of its inlets/outlets intact.
If the patch is saved and then reloaded, however, the VST object will appear with no red highlight and no errors in the Max console, but all the extra inlets/outlets will be gone, as well as (obviously) the patch connections that were connected to them before.
If you take a letter away from the name of the VST and then readd it (in the vst~ object argument), the VST will reload correctly with all the inlets/outlets again, but then you have to redo all the connections.
I had a colleague with the same issue contact me just now about it. Is this a verified bug in Max 7.2.2 Windows 32-bit? Any workaround, like placing the VSTs in a default folder location of some kind? Or is it an issue only happening to us?