Microsoft's current plans are that IIS 7.0 will only be available on the Longhorn Server platform and not on Windows Server 2003. This means that we will have to wait till at least 2007 before we can use IIS 7.0 for production web sites. It will be released as a crippled pre-release in Windows Vista. I say crippled because it will be limited in some way (connection or bandwith limit) so we won't be tempted to use Vista (the client platform) as a server platform.
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Microsoft has released beta 1 of Windows Vista. You can download it if you have an MSDN Subscription from http://msdn.microsoft.com/subscriptions/ . It's a hefty 2.42 GB DVD ISO download. I am downloading it right now but I guess I have to clean up my...