When the "autorelease pool expires".
What this typically means, is when the stack is unwound.
So think of it this way - your app is event driven. You get events sent to it - and they are processed through a series of functions. When each of the functions returns, and the event is done being processed, autorelease will be called.
This means you can count on a object to still be alive when you autorelease it, and return it from a function to it's caller. Don't ever expect it to be around when processing any kind of subsequent event, or when called outside you existing stack frame.