In order for the IIS 7.0 MP to properly work, you will need to install an agent QFE which drops a new module that the MP uses for discovery and monitoring. Here is the link to the QFE: http://www.microsoft.com/downloads/details.aspx?FamilyID=f82ef6b3-a08e-4295-b9e3-fb78a74aefa8&DisplayLang=en
Also, you will need to install an IIS 7.0 QFE to resolve a small memory leak issue with IIS 7.0. The path to the QFE is: http://support.microsoft.com/kb/958661
The requirement for both QFEs is documented in the MP guide, but I figured I mention it one more time as these are pretty important.