It is easy to get Bugzilla running on IIS7+
I started by following the directions at: http://lpsolit.wordpress.com/2010/10/22/make-bugzilla-work-with-iis7-easy/
I will write a simplified version below in English, assuming you already created the website/virtual directory:
1.) Click on the Bugzilla site
2.) Go to Handler Mappings
3.) Click Add Script Map from the right-side bar
Request Path = *.cgi
Executable: C:\Perl\bin\perl.exe -x"D:\www\Bugzilla" -T %s
* Take note there is no space between -x, I had the space and it caused a 502 error about incomplete headers
3.b) Click OK and you should be prompted to add this rule to the ISAPI extension. Click Yes.
4.) Go back to the Bugzilla site
5.) Go to Default Document
6.) Set index.cgi as the only page.
Now try to access your Bugzilla site. You should see it load up.
The goal of the setup is to enable CGI executables to run under IIS with Perl setup to run a specific command for Bugzilla. You don't need to open up full access to CGI (which is insecure) by doing the steps above. The method I outlined just opens up the only permissions needed by Bugzilla.
So really, the whole install on Bugzilla is pretty simple, with the only issues I ran into was some optional Perl modules are not yet compiled on Windows. I had to use ActivePerl 5.14 to get all the required modules working.