On IIS 6.0, if your application calls HttpContext.Current.Request.UserHostAddress, the result will "127.0.0.1", but the same on IIS 7.0, the result will be "::1".
if you open your hosts file ( %WinDir%\System32\drivers\etc\hosts ) it should have the entry "::1 localhost", it seems IIS 7 is favouring this address to the IPV4 address 127.0.0.1 (that should also be present). If you really want "127.0.0.1" get returned then remove "::1 localhost" from your HOSTS file.