Exciting news for IIS 7.0 users. MS has released the much anticipated URL Rewrite module. Here is a post on it.
http://learn.iis.net/page.aspx/460/using-url-rewrite-module/
Download the x86 CTP version for IIS 7.0:
http://www.iis.net/downloads/default.aspx?tabid=34&g=6&i=1691
Download the x64 CTP version for IIS 7.0:
http://www.iis.net/downloads/default.aspx?tabid=34&g=6&i=1692