On his blog today, BillS shares a video of a guide to installing FastCGI and PHP onto an IIS7 Beta 3 system:
Beta 3 release marks the first time the FastCGI feature has been a part of a Windows release, enabling PHP and other application frameworks to run on Windows with great performance and reliability. Making them a part of IIS and Windows means no more downloading and installing other components, or worrying about whether the tools you are using are supported, patched and ready for production use.
The video itself (Quicktime, Windows Media) shows how to make the install and how to use the output caching feature he previously talked about to enhance the performance of your applications. For those that don't want to bother with the video (or can't view it for whatever reason), he also includes the steps at the bottom of the post.