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Virtual Happy Hour canceled for Friday May 31st.
This looks like it has been fixed now!
I think it was in "#120114 Checking licenses" in Update 56 / 8.10.
Since Visual Studio 2010 SP1 it's possible to start a project in IIS Express (http://learn.iis.net/page.aspx/868/iis-express-overview/) instead of the old workstation IIS or Visual Studio Development Server AKA Cassini. IISExpress supports IIS 7 configuration and also HTTPS.
It would be nice if license files worked in the same way in IIS Express as when using Cassini.