The good things in IIS7 keeps getting better. Tracing is the lastest gem I've been reading up offered in IIS7. I posted a couple of links. I enabled on my site and quickly found the 404 logs a lot of files. I haven't seen any 403 or 500 errors. One drawback I guess is just saying log "all" status codes vs. listing them in a comma separate format in the UI. I'm still trying to find out if that is possible or not but thought I'd pass along these couple of articles. If you have more tracing example articles, tips or whatever let me know or add them to this post.
Pondering Thought 