I've tried these, and there are some interesting parts that can take some time figuring out by digging in docs.
This post will probably solve the 404.3 error (svc not registered as MIME type)
So here's the whole solution for getting a WCF service started up and using it from Silverlight 2 Beta 1:
1. To build the service: How to: Build a Service for Silverlight Clients 2. To enable cross-domain for the service, if needed: How to: Make a Service Available Across Domain Boundaries
3. To add the service to IIS 7:
c:\>cd c:\Windows\Microsoft.NET\Framework\v3.0\Windows Communication Foundation
c:\Windows\Microsoft.NET\Framework\v3.0\Windows Communication Foundation>
c:\Windows\Microsoft.NET\Framework\v3.0\Windows Communication Foundation>ServiceModelreg -iMicrosoft(R) Windows Communication Foundation Installation Utility[Microsoft (R) Windows (R) Communication Foundation, Version 3.0.4506.648]Copyright (c) Microsoft Corporation. All rights reserved.
Installing: Machine.config Section Groups and Handlers
Installing: System.Web Build Provider
Installing: System.Web Compilation Assemblies
Installing: HTTP Handlers
Installing: HTTP Modules
Installing: ListenerAdapter node for protocol net.tcp
Installing: Protocol node for protocol net.tcp
Installing: TransportConfiguration node for protocol net.tcp
Installing: ListenerAdapter node for protocol net.pipe
Installing: Protocol node for protocol net.pipe
Installing: TransportConfiguration node for protocol net.pipe
Installing: ListenerAdapter node for protocol net.msmq
Installing: Protocol node for protocol net.msmq
Installing: TransportConfiguration node for protocol net.msmq
Installing: ListenerAdapter node for protocol msmq.formatname
Installing: Protocol node for protocol msmq.formatname
Installing: TransportConfiguration node for protocol msmq.formatname
Installing: HTTP Modules (WAS)
Installing: HTTP Handlers (WAS)
Hope this helps. If you have any other suggestions or things you stumbled upon please let me know. I appreciate your feedback!