Now it is. However, this is not the native management console coming with IIS, but a free PowerPack which Adam Murray posted here.
Not only you can see (and modify) the PowerShell code behind everything the tool is doing, you will enjoy just using the console and all the great features it has, including for example:
- Create, rename, copy and delete application pools
- Configure all app pool properties
- Create, rename, copy and delete web sites
- Create, rename, copy and delete ftp sites
- Set various site properties
- View and manage worker processes
- View and manage IIS services
- Manage site bindings
- Creates the various enum types from the IIS schema to allow the use of dropdowns for configuring properties
To learn about all its features, see screenshots and download the actual tool go to the IIS 7 powerpack page.