Did you know that IIS7 will ship out of the box on Windows Server Core? That means you can run a stripped down server on Windows Server 2008 Server Core and have it running as part of a web farm or just as a web server on its own.
Server Core doesn't have a GUI, so you'll be managing via commandline or WMI/COM. Given the new distributed web.config, it should be pretty easy to manage sites.
More information is available in this video and here.
If you watch the video, Eric Woersching (the Microsoft IIS guy) is coming to Tech Ed Australia and New Zealand. He has a session titled "Whats new in IIS7 for developers".