VS 2010 SP1 supports both IIS Express and Cassini (VS 2010 only supports cassini). You can configure your project to use IIS Express or Cassini.
By default, VS 2010 SP1 uses Cassini and to change the right mouse button on a website / web application and select "use iis express". (When using IIS Express, you will find the IIS Express tray icon and there you will see all the sites that are running)
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