IIS7 does not, at least in Beta 3, synch content. There are third party tools of course (DoubleTake for example), or you could use DFS replication in Windows. Content synchronization isn't exactly a function of a web server, but with App Center gone (it's still supported I think...), there is no good Microsoft solution for this.
Jeff
Look for Wrox's new book Professional IIS 7 in your local bookstore, or order now at
Amazon.com