I\'m running Windows 7 Ultimate (64 bit) using Visual Studio 2010 RC. I recently decided to have VS run/debug my apps on IIS rather than the dev server that comes with it. <
As strange as it may seem, reinstalling IIS was what has worked for me, with the following command run from inside the .net version folder:
aspnet_regiis.exe /i

When I first run this command, I begun getting the HTTP Error 403.14. But once I runned the command again it solved the problem.
Obs: Another thing I also did was to remove HTTP Redirect from the server features in Server Management screen before reiinstalling IIS. Maybe this also had an impact in solving the problem, but I am not sure. So, if reinstalling IIS still doesn't work, please try removing HTTP Redirect and try again. Hopefully it may work for you too.