Do you do local development/debugging with the internal webserver or a local iis install? I'm currently running the internal VS2010 webserver but it's so slow it hurts. I can see the page rendering in front of me...
I prefer to use Windows Server 2008 as my development machine so that I can use IIS 7 as the web server and just set the default location of the website to a locally mapped DNS name. This especially helps when testing code that is dependent on domain URIs and other information of that nature.
One problem I have experienced is an intermittence in the ability of studio to bind the debugger to the IIS processes. (sometimes a reboot is required to get studio to bind if this happens)