I mentioned this tool previously. I was one of the lucky bastards who received a copy of it a long time ago and used it exclusively for managing the Virtual Server I have (mostly because it is great but also because my IIS VS Management Console melted down). Now everyone can have it. 
http://blogs.technet.com/matthts/
This version is significantly polished over the version I had which is like a year or so old. The new version seems to suffer from the same problem on my laptop that Livewriter suffers from, slow launch times. The older version didn’t have that issue. I am wondering if it is the significant polishing or the move from the 1.1 to the 2.0 framework. I also found (and reported to Mattijs) an issue where trying to manage a Virtual Server that was on a domain PC from a workgroup PC throws some odd interface issue.