I was developing a WCF syndication service to be deployed on Windows Azure, I faced a problem that when you deploy the WCF service in IIS 7.0 it doesn't work and gives the following error in the browser: HTTP 404 Not Found. I checked the deployed service it contains the dlls and configuration files. After few minutes i figured out that the problem is in one of IIS features is not enabled which is the WCF activation feature.
To fix this problem:
1) Open control panel.
2) Select programs.
3) Select Turn on/Off windows Features.
4) Look for Microsoft .Net Framework 3.5.1
5) Check WCF HTTP Activation and Non Activation check boxes (BOTH).
6) Click ok.
7) Now your IIS is configured to host WCF services with HTTP activation and non HTTP Activation requests.
Hope this helps.
Happy New Year :)