I've just released the first version of my new side project, the Hosts File Manager extension for IIS 7. The extension does pretty much what it says on the can, providing a user interface to edit the local hosts file from within IIS Manager. Running from within IIS gives me a few other benefits, too, like auto-elevation and providing me easy access to local website information.
For now, there's only a global view (accessible from the default "server" view in IIS Manager), but I have more features planned for future releases. You can read about these on the Codeplex project page.
To download it, head over the Downloads page on Codeplex. I've released both x86 and x64 versions, but all my testing has been done with the x64 installer (since I'm running 64-bit Win7). Please log any x86 or Vista issues with the Issue Tracker.