The FrontPage Server Extensions do not work with IIS 7.5 - therefore they are not supported on Windows Server 2008 R2 or Windows 7. You may see a bunch of errors if you try to install FPSE with IIS 7.5, and after the installation has completed they will not work.
Quoting some of my earlier posts, currently there are no plans to support FPSE on IIS 7.5. Demand for FPSE has decreased over the past few years in favor of industry-standard protocols like WebDAV and FTP. That being said, I wrote a walkthrough titled "How to Migrate FPSE Sites to WebDAV" that you can find at the following URL:
http://learn.iis.net/page.aspx/359/how-to-migrate-fpse-sites-to-webdav/
In this walkthrough I describe something that I've been doing a lot recently, which is to move away from FPSE on my web sites in favor of WebDAV. What's more - if you use the built-in WebDAV redirector in Windows Vista, Windows 7, or Windows Server 2008 (including R2) you can map a drive to a web site over WebDAV and open it in an FPSE-friendly client (like older verison of FrontPage or Visual Studio) and still preserve all of your FrontPage metadata.