Just ran into this mysterious error when trying to deploy a WCF project to IIS.
The description for Event ID 2294 from source Microsoft-Windows-IIS-W3SVC-WP cannot be found. Either the component that raises this event is not installed on your local computer or the installation is corrupted. You can install or repair the component on the local computer.
If the event originated on another computer, the display information had to be saved with the event.
The following information was included with the event:
It turns out that after installing Visual Studio 2010 Beta 2 there were some of the old framework files floating around.
To solve this go to %windir%\Microsoft.Net\Framework\
and delete the directory named v4.0.20506
Restart your Application Pool and you should be good to go.