Comment # 11 on bug 76273 from Patrick Ohly

You haven't told activesyncd about your password, have you? Normally it'll ask
for it via ssh-askpass, but that won't work without X. 

You can temporarily set the password in gconf:

gconftool-2 --set --type=string /apps/activesyncd/accounts/$email/password
$password

Then at runtime, activesyncd will move that password to GNOME keyring. For that
to work, gnome-keyring must be started manually inside the D-Bus session.