It seems that I am not the only one who had a less-than-desirable experiance with the Longhorn bits. I was running this on my main machine, a P4 3.0Ghz 800Mhz FSB with a gig of ram, 512 of which I had given to VPC. It was horribly slow.
Whats worse, I had installed the 1.2 framework on my main machine, only to find that it took somewhere between 5-30 seconds for IIS to serve up any .NET content at all. This was only compounded if accessed remotely.
So now here I sit, typing from a freshly repaved machine... That will teach me to play with the bleeding edge. I can't wait until I get my other motherboard back so I can set up a testing server without frustraiting myself to death.