Finally with the 3.2 kernel released the touchpad on my Samsung 7 series 700z5a is recognized as a synaptics capable device.
Xinput reports it as ETPS/2 Elantech Touchpad. I'm really happy about this! There is though some problems with the default configuration of synaptics, I have been playing around with them for a bit now and would like to share my findings. And I hope that other want to play around with the settings and share them as well.
Currently I have set these settings, all of them necessary for the touchpad to work at all.
FingerLow: 15 //This sets at which pressure it should no longer be recognized as a movement. Default was 25, at least for me.
FingerHigh: 20 //This sets at which pressure t should be counted as a movement. Default was 30.
TapButton1: 1 //Sets which button event should be triggered when tapping the pad with one finger.
These are settings are not fine-tuned, but at least the pad works.
The settings can be set on-the-fly by using synclient, i.e. to set FingerLow to 15:
$ synclient FingerLow=15
Execute synclient without parameters to see a list of current configuration and with -m <interval in ms> to see what the touhpad registers.