The evangelism team is hard at work providing IIS7 messaging and IIS7 technical developer labs on campus for our key partners and customers that are interested to support IIS7. There are some pretty radical changes ( for IIS anyway :-) ) in this release which covers a new modular approach to the architecture, far closer integration with .NET and new deligated admin rights which can be given to the application in a hosted environment. Brett Hill on the team who has been driving the labs, has put together a "first look" of IIS7. Take a look.

http://www.microsoft.com/technet/technetmag/issues/2005/11/BetaBox/default.aspx