There seems to different behavior in the http redirect module between IIS 7.0 and IIS 6.0.
In IIS 6.0 if you create a virtual directory and then redirect the virtual directory to some other locations the redirect is tied to the virtual directory alias/name, you can create a second and third virtual directory with the same physical location and redirect to different locations. In IIS 6.0 multiple aliases can redirect to multiple locations with one physical location of the VD.
In IIS 7.0 the redirect is different, it is tied to the physical location, so user can create multiple virtual directories but when trying to redirect you can only redirect to one location, because the http redirect seems to be tied to the physical location of the of the VD .
I tested this and confirmed that the above is the behavior.
If you can confirm this behavior please communicate back, the question here
is the new behavior is a BUG or a new feature behavior?.