Scenario:
This appears to be a regression in ASP.NET 4.5. Our team is working on a patch, but as a temporary workaround try placing this line in Web.config (more info here):
<system.webServer>
<serverRuntime uploadReadAheadSize="0" />
</system.webServer>
Please let us know if this works for you!
Levi's answer works great in IIS 7.5 or higher. But if you are running Server 2008 R1, the following command will also set the setting:
c:\windows\system32\inetsrv\appcmd.exe set config "sitename" -section:system.webServer/serverRuntime /uploadReadAheadSize:"0" /commit:apphost
But, a better fix is to apply the hotfix from Microsoft which remedies the issue (#6 in the attached KB article)
http://support.microsoft.com/kb/2828841/EN-US
http://support.microsoft.com/kb/2828842/EN-US