On my sandbox (WinOS 2008) I installed Web Platform Installer 2.0. Then through the PI I installed Frameworks and Runtime (.NET Framework 4.0), IIS 7, and Web Deploy Tool 1.1. I took a vanilla ASP.NET app from the new VS2010 project template and deployed to IIS 7 using the new packaging tools. Depending upon whether the app pool was integrated pipeline or classic I got these errors:

HTTP 404.17: The requested content appears to be script and will not be served by the static file handler.

HTTP 500.21: Handler "PageHandlerFactory-Integrated" has a bad module "ManagedPipelineHandler" in its module list

After corresponding with some devs at Microsoft, they thought there might be a bug in the PI. I ran the following and the problem was fixed: 

C:\Windows\Microsoft.NET\Framework\v4.0.30319>aspnet_regiis.exe -iru -enable