In IIS7, there are two modes for ASP.NET application pools: classic mode (only mode available for IIS6) and integrated mode. Integrated Mode offers quite a bit with IIS7 and is the recommended mode for application pools (more details at http://learn.iis
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Read the complete post at http://feeds.feedburner.com/~r/JasonNGaylord/~3/383825817/iis7-integrated-mode-and-global-asax.aspx