I've been playing around with IIS7 in the June CTP of Windows Server 2008. Looks like pretty cool stuff. This IIS Manager is a definite improvement over the previous one.
This is a screenshot of the IIS Manager. Check out some of the things that you can do with it.
A couple of really cool things is to graphically manage the web.config's Application settings and the Database Connection String information. **Pay not attention to the user I am connecting as. SA is definitely not the right person to connect as. Don't try this at home.**

Here is a how to modify the web.config file's settings.