Found this blog by Tobin Titus. Definitely check it out!
http://blogs.iis.net/tobintitus/archive/2006/11/30/powershell-and-microsoft-web-administration.aspx
http://blogs.iis.net/tobintitus/archive/2006/12/01/more-on-iis-7-administration-with-powershell.aspx
Tx,
Steve Schofield