You would have 2 options, with v1, as I see it:
1. Using WMI, you can do a lot of things with IIS 7, but the syntax can be challenging.
2. Use WinRM. Example from my PowerShell session on XP talking to a Server Core 2008 VM:
PSH>winrs -r:http://server -u:Administrator -p:xx c:\windows\system32\inetsrv\appcmd.exe
With the latter above, I have full access to run all the stuff supported by appcmd.exe.