As Brian Swan mentions in his latest blog post, the PHP Manager product from Microsoft has been officially released for IIS7.

There have been some significant changes in the final release since I wrote about the first beta release a month ago. Not only have several bugs have been fixed, but new functionality has been added. Now the PHP Manager can help you validate and optimize your PHP installations on IIS. [...] You can download x86 and x64 versions of the PHP Manager here: http://phpmanager.codeplex.com/releases/view/53121.

He gives a quick run through of how the tool works by registering a PHP version to work with a certain directory. Then just select the correct "php-cgi.exe" file to use for execution and save it. The PHP Manager tool does the rest. It also tries to help you optimize your setup with a few recommendations on both PHP and IIS settings.