Good question :)
I can't speak about IIS7, but for IIS6 i'm under the impression that since all our mvc pages are either aspx, ascx or ashx, then if you've setup your compression to handle those extensions, then that will be compressed.
I've never tested this though - so it's all guesses from me too, until i deploy to my production and uat machines, were i use IIS (i develop using webdev/cassini)