The main advantages of IIS is that it serves your service for you: activation, disposal ...
Its main drawback, if you do not have v7, is that without WAS, it can host only http-based web services
Services need more attention in the event of a fatal error ... and then must be installed, while the website can be copied to its web folder after its creation.
If your version of iis is> = 7, then I don’t see much interest in not using WAS, since it supports all wcf transports, others may have a different view, though ...
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