I would recommend you to use an array of parameters and the operator &. See the examples in my answer in here: http://stackoverflow.com/questions/3592851/executing-a-command-stored-in-a-variable-from-powershell/3593445#3593445
In this case the code should be something like this:
$MSTestCall = "C:\Program Files (x86)\Microsoft Visual Studio 10.0\Common7\IDE\MSTest.exe"
$MSTestArguments = @('/resultsFile:out.trx', '/testsettings:C:\someDirectory\local64.testsettings')
foreach($file in Get-ChildItem $CurrentDirectory)
{
if($file.name -match "\S+test\S?.dll$" )
{
$MSTestArguments += "/TestContainer:" + $file
}
}
& $MSTestCall $MSTestArguments