I tend to agree with Paschal on this one. I think that IIS7 is a really cool technology. I wish it was availabe stand alone and could be installed on Windows 2003 Server. The problem is that my customers are slow to change. I am only now starting to see rollouts of Windows 2003. Assuming that Windows Vista Server comes out in 2007, and that is by no means guaranteed, then it will likely be 2010 before I see any customer rollouts of the technology to where I can use it.
I also realize that there are numerous business decisions that factor into this.