There was an excellent article written about ponys and miniature horses in The Horse magazine a few years ago addressing this issue. The inguinal ring on these horses closes slower than on most full size horse breeds. Like has been mentions by Becky and others they are able to suck them up inside easier. I too have sent out horses that I clearly had two testes in my hands and the new owner could not find them.
I have a stallion from a famous stallion who was slow to drop. I was aware of his sire's condition when I bought the stallion, but he, and so far his offspring, have had no issues.
In a further note, we lost a 1.5 year old horse after a castration when the gut fell out through that same inguinal ring. I always advise clients to wait until two years old to geld or make sure their vet knows the inguinal ring has closed before castrating.