Weird ASP Classic error messages after moving to Windows Server 2008

[shahab]

I recently moved my ASP Classic website to Windows Server 2008, IIS 7.
Everything was fine before on Windows 2005 but ever since I've started using windows 2008 I receive these weird errors in the windows event viewer which I didn't get before!
I really have no idea where the problem is and how I can solve it.

Event code: 3008
Event message: A configuration error has occurred.
Event time: 10/24/2009 9:11:01 PM
Event time (UTC): 10/24/2009 5:41:01 PM
Event ID: ba80d3fade3c40e19f6a10ee76535d60
Event sequence: 2
Event occurrence: 1
Event detail code: 0

Application information:
Application domain: /LM/W3SVC/1/ROOT-489-129008796610429387
Trust level: Full
Application Virtual Path: /
Application Path: C:\inetpub\wwwroot\example.com\
Machine name: TIRIP

Process information:
Process ID: 5968
Process name: w3wp.exe
Account name: TIRIP\Administrator

Exception information:
Exception type: ConfigurationErrorsException
Exception message: An error occurred executing the configuration section handler for system.web/identity.

Request information:
Request URL: [servicedata.example.com...]
Request path: /1.0.0.0/ServiceDataServer.rem
User host address: xx.xx.xx.xx
User:
Is authenticated: False
Authentication Type:
Thread account name: TIRIP\Administrator

Thread information:
Thread ID: 46
Thread account name: TIRIP\Administrator
Is impersonating: False
Stack trace: at System.Web.HttpRuntime.FirstRequestInit(HttpContext context)
at System.Web.HttpRuntime.EnsureFirstRequestInit(HttpContext context)
at System.Web.HttpRuntime.ProcessRequestNotificationPrivate(IIS7WorkerRequest wr, HttpContext context)


Custom event details:

and

Warning: 404 Not Found. .

and

Warning: 500 Server Error. .

Is there anyone who knows what those errors mean and how I can go about it.

[edited by: marcel at 6:51 am (utc) on Oct. 25, 2009]
[edit reason] examplified [/edit]

[Ocean10000]

My looking for an answer hasn't hit anything spot on. I think it has something to do with impersonation (Which they have changed again in IIS 7). But I am not sure if you doing it at the pool level or configuration level.

My guess is either its not able to log in as the Impersonated account or a permission issue preventing it logging into that account. And seeing that it is an administrator account itself which scares me more then anything.

Resources:
Configure ASP.NET Impersonation Authentication (IIS 7) [technet.microsoft.com]

ASP.NET 2.0 Breaking Changes on IIS 7.0 [learn.iis.net]

Breaking Changes for ASP.NET 2.0 applications running in Integrated mode on IIS 7.0 [mvolo.com]