IIS7.5 includes a new identity type, ApplicationPoolIdentity, and sets it as the default identity for application pools.
On IIS 7.5, PBDotnet4AppPool also uses ApplicationPoolIdentity as its default identity value, but some Web Forms application features—such as creation of permanent user accounts, SSL authentication, and DataWindow Print and SaveAs commands—fail with this identity. You can avoid these issues by changing the PBDotnet4AppPool identity to NetworkService: