I've seen a few posts asking "How do I harden my IIS 7 machine". Frankly, Microsoft IIS Team has done an excellent job making a IIS Admin's life much easier and doesn't require nearly as much as IIS 5 days :) Here is a thread though
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Read the complete post at http://blogs.iis.net/steveschofield/archive/2010/08/22/hardening-iis-7-x-discussion.aspx