Just ran across this white paper on Technet.

This is a GREAT PAPER on IIS 7 created by the Microsoft.com guys. I love their stuff. If you've ever seen their presentations at TechEd, MIX you know they are full of hard core IT details about how they deal with eye-poping scale. Thing is though, they always keep in mind the very useful details - "tweak this like that", "run this logparser script", "we setup our pools like this.." - showing you how they keep the house running. Despite rumors to the contrary, Microsoft.com is a 100% IIS 7 shop running out of the box bits.

While there are very few sites that need the kinds of scale Microsoft.com supports, the best practices and policies they have are really good for many of you supporting web farms. If I were running one, I would be very familiar with anything coming from these guys.

Migrating a Large, High-Volume Web Site to Internet Information Services 7.0