IIS7 and Windows Server 2008 Core
Did you know that IIS7 will ship out of the box on Windows Server Core? That means you can run a stripped down server on Windows Server 2008 Server Core and have it running as part of a web farm or just as a web server on its own.
Server Core doesn't have a GUI, so you'll be managing via commandline or WMI/COM. Given the new distributed web.config, it should be pretty easy to manage sites.