To manage it, I created a folder named $home\SkyDrive\Documents\WindowsPowerShell and used mklink to create a symbolic link (yes, NTFS supports symlinks). Start cmd.exe as an Administrator:
mklink /D "WindowsPowerShell" "..\SkyDrive\Documents\WindowsPowerShell"
Now I can keep my profile and various modules & utilities (notably PSCX and git-tfs) in my Powershell folder and roam from machine to machine. Bliss!