A new IIS MP is now available in the catalog. It now includes monitoring for IIS 7.0
Download
http://www.microsoft.com/downloads/details.aspx?FamilyId=D351BCA8-182B-4223-8C9E-627E184BA02B&displaylang=en
QFE
You need to apply this QFE in order to monitor IIS7.
http://www.microsoft.com/downloads/details.aspx?FamilyID=f82ef6b3-a08e-4295-b9e3-fb78a74aefa8&DisplayLang=en
Caution
There seems to be some problem with this new QFE so it is not available for download anymore. For those who already installed it just have a look at this post from the Product Team Blog.
http://blogs.technet.com/momteam/archive/2009/02/25/problem-with-the-iis-modules-qfe-957123.aspx