Did you know there is an easy(er) way ??? This article [ HERE ] explains how to use the Web Deployment Tool [ Get it HERE ] to migrate your web applications from IIS 6 / Windows Server 2003 to IIS 7 / Windows Server 2008 Read More......( read more )
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Read the complete post at http://blogs.iis.net/joestagner/archive/2009/03/30/migrating-your-web-applications-from-iis-6-to-iis-7.aspx