One of the cool features of IIS 7 is it's modular architecture. It lets you create just the IIS you want, with minimal attack surface area.
Alas, one of the greatest consumers of my time lately is determining why things no longer works like on IIS 6. This is almost always because yet another portion of IIS 7 wasn't installed by default.
Yesterday was spent trying to figure out why I got no ETW events from the "ASP.NET Events" provider. At times, I was literally stepping through the ETW tracing code in IIS. (Thank goodness for Source Server!) The LogMan command was reporting success in starting the session, and I always got the ETW "Header" event, but never any actual ASP.NET events.
The magic: You need to install "Tracing".
On Vista, go to "Control Panel | Programs | Programs and Features", then select "Turn Windows features on or off". The "Internet Information Services" node is where to start drilling.
Also, I hear from Eric Deily that under Windows Server 2007, you can get to this via the "Role Management Tool"