We just launched a site using MS SQL and IIS. We had to modify a couple of Contrib modules because they used some of MS SQL's reserved keywords. The biggest offender was the Workbench Moderation module but it was pretty easy to run the patch and make it work. Other than that we did not see too many limitations, as long as you use the API for creating tables and use their data access layer then you will have no problems. The database is very simple and their entity framework is very nice and makes getting things out of the database easy.
We also consumed 4 WCF services with no problem, there is a great module called wsclient which helps you manage all your web service descriptions and use them in your modules.
We looked at a bunch of .NET CMSes and they were all pretty weak compared to Drupal and most of them required the CMS company to do actual development work. We have two sites built in Community Server and one using Kentico and we have had a bad experience with both.
We did not have any issues with rewrites or redirects, we have over 15K aliases and about 3k redirects. On top of this there are about 3K pages which are using Web Services that are powered by wildcards we have created.
I was pretty skeptical at first but Drupal has really proven to me that it can run on IIS and use SQL Server with no problem.