Anything with EI and EIO should be shared! Even if it is good old XCOPY flags.

MOVING THE CONTENT:

Once the configuration is changed you have to copy all content from your root drive to your new drive including ACLs and empty directories:

Example:

                    xcopy c:\inetpub f:\inetpub /E /O /I

/E copies all directories even if they are empty
/O copies all security settings, i.e. Access Control Lists on files and directories
/I assumes the destination is a directory

 

Good post as well on configuring IIS7 to a different drive other than the default.

 

IIS7: Moving the INETPUB directory to a different drive - Just Another IIS Blog : The Official Microsoft IIS Site