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IIS 7.5 is available on top of Windows Server 2008 R2 and Windows 7 (because they share the same base kernel). As in version 7.0, IIS 7.5 can host services in addition to web applications. In fact, you can host WCF services natively using another binding protocol, just like direct TCP support lets you do.
Starting with this version, IIS can use ASP.NET in Windows Server Core, a specific version of Windows Server, using versions 2.0, 3.0 (WCF), 3.5 SP 1, and, of course, 4.0. Now you can finally host applications with different ASP.NET versions (like 2.0 and 4.0) in the same application pool.