This post is a little dated in respect to the link to how to install, but Microsoft have been busy recently and there is a more comprehensive “Get Started” over here: http://www.iis.net/learn/extensions/iis-search-engine-optimization-toolkit/getting-started-with-the-seo-toolkit

We definitely agree this does not replace the role of SEO Specialists. In fact, we recommend that SEO Professionals use this tool to handle the hard part of scanning and cataloging issues and then customize the tool to apply their own custom rules and logic.

This tool is very customizable, it has a very powerful query engine that you can use to create custom reports, applying your own custom SEO rules or over riding the rules within to use Google rules, or copy the query to provide both Bing and Google rules.

The SEO Toolkit also keeps a history of all the reports you’ve run for a site and you can compare them side by side to see what has changed over time. Especially important to record anything that has broken with new or updates pages on the site.

There are also extensive performance reports in the tool which others use to ensure that sites are executing quickly and are adhering to standards for graphic file sizes, amount of script in a page, and a number of other interesting reports.

You can also create custom violation logic with some C# code and point it at a say the W3C validator http://validator.w3.org/. There is a great blog post where you can learn more information on this and also keep up to date on this tools as we continue to make it better here, http://blogs.msdn.com/carlosag/