The first CTP of the IIS 7 PowerShell Provider focused on low-level tasks. Like editing the registry directly, making the correct changes isn't exactly easy and the possibility for error is high. But, for those who know the IIS metabase inside and out, any configuration can be changed directly from the command line.
Tech Preview 2 includes 40 task-centric cmdlets. These cover all of an administrators day to day tasks like managing virtual directories, handlers, modules, and application pools.
For more information or to download the preview, checkout the announcement on the PowerShell team's blog.