IIS 6 to IIS 7 Migration planning is starting up in full swing as we approach RTM for IIS 7. For those of looking for a mapping of IIS metabase to IIS 7 applicationhost.config settings, here's a really excellent document published by the IIS documentation team.

http://msdn2.microsoft.com/en-us/library/aa965021.aspx

A (IIS 6.0 Metabase Property Mapping to IIS 7.0)