Did you miss the IIS7 FastCGI Update ?

In case you did, there are some interesting improvements like..
Monitor changes to a file. The module can be configured to listen for file change notifications on a specific file and when that file changes, the module will recycle FastCGI processes for the process pool. This feature can be used to recycle PHP processes when changes to php.ini file occur. To enable this feature use the monitorChangesTo setting in the <fastCgi> configuration element. Real-time tuning of MaxInstances setting. This MaxInstances setting dictates the maximum number of FastCGI processes which can be launched for each application pool. Set it to 0 to let FastCGI module automatically adjust the number of instances up or down based on the system load and number of requests waiting in the queue. STDERR stream handling. There are several options of how the module ...