Ok, let me start off by saying that I'm not a .NET developer but I have experience with Silverlight, C# .NET, and Visual Basic. If this is similar to the vanilla C# or VB web runtime environments then you will have to have your web page hosted on an IIS server as additional server-side libraries are required. However, if it's a satnd-alone/compiled application like Silverlight usually is, then you can host the page directly in the MII environment and interact with your MII content for data as well (IIS is not required). One nice thing that I noticed on the roadmap site (http://aspnetwebstack.codeplex.com/wikipage?title=Roadmap) was that there are libraries for OData support and this is also built into the SAP MII 14.0 environment to complement the existing XML interface; both ATOM and JSON formats are supported via the OData service.
To your question about running IIS on the same box as NetWeaver this shouldn't be a big deal but you have to manage the HTTP(S) ports properly so that they don't conflict. By default the SAP Port numbers aren't even close to the IIS ports, but it's still something to keep in mind in addition to the typical issues of application logging, security (cross-domain policy), and available resources.
Hope this helps.
Sam
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