As the title of this post suggests, we've done a lot of work on ASP.NET support, particularly for anyone profiling with IIS. Get the latest version from here:
http://www.red-gate.com/products/ants_profiler/index.htm
We've totally revamped our IIS support, both simplifying the configuration steps you need to carry out, and dealing with a lot of the problem areas that existed in previous versions of the performance profiler. These changes will also be finding their way into ANTS Memory Profiler 5, and should be available from next week in the early access builds.
Probably the most notable bug fix, which will affect you regardless of whether you profile on IIS or Web Development Server (Cassini), is that socket.accept(), and similar calls, are now recognised as blocking methods, so selecting "CPU time" will exclude any time that would normally be attributed to these methods. This should make ASP.NET profiling results a lot more relevant in most cases.
My colleague Alex will be blogging in more detail about exactly what we've done for this release in the very near future so I'll sign off, but if you're involved in ASP.NET development in any way I'd strongly encourage you to get your hands on the new version. Once again, that URL is:
http://www.red-gate.com/products/ants_profiler/index.htm