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


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


                    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