After seeing Puneet's post I have downloaded IEAK7, and playing with it. As mentioned in the post IEAK7 can be used in the following scenarios.

• A corporate system admin wants to deploy IE7 and have it immediately configured according to specifications.
• A corporate system admin wants to give IE7 to users but wants to add additional updates for internal apps in the same deployment.
• An ISP wants to provide a customized IE7 to its users.
• An ISV/ICP wants to include a customized IE7 with its application.
• An OEM wants to deploy a custom IE7 package on its machine.

Actually IEAK7 reflects all new features of IE7; Customization of Feeds, setting multiple home pages for tabs and adding Search Providers. Also IEAK7 can create small branding packages which can be applied onto existing IE7 installations.

For an ISP, or Content Provider creating a customized IE7 would be really nice with a small package.