IIS FastCGI Tech Preview 2 has been released!
The FastCGI Technical Preview 2 release is an update for the first ever release of Microsoft IIS FastCGI feature in October 2006, providing a platform for high-performance and reliable way to run application frameworks like PHP on IIS.
Get the scoup at http://mvolo.com/blogs/serverside/archive/2007/01/31/Turbo_2D00_charge-your-PHP-applications-with-IIS-FastCGI-Technical-Preview-2.aspx.
Also, check out the instructions for setting up Ruby on Rails with TP2 at http://mvolo.com/blogs/serverside/archive/2007/02/18/10-steps-to-get-Ruby-on-Rails-running-on-Windows-with-IIS-FastCGI.aspx.