Firstly there's a great overview of the IIS7 HTTP request lifecycle and various settings that affect performance here:
ASP.NET Thread Usage on IIS 7.0 and 6.0
Very specifically though, in dotNet 4 the defaults for maxConcurrentRequestsPerCPU and requestsQueueLimit are set to 5000. E.g. equivalent to: (in aspnet.config):
<system.web>
<applicationPool
maxConcurrentRequestsPerCPU="5000"
maxConcurrentThreadsPerCPU="0"
requestQueueLimit="5000" /> (** see note below)
</system.web>
Seems to me that on a multi-CPU/core server the requestQueueLimit here will always be invoked well berfore the 'perCPU' limit. Thus, if a max of 5000 requests per CPU is what you actually want then I would expect that the requestQueueLimit needs to be increased to 5000 * CPUCount or just disabled altogether.
Is my interpretation correct? If so can I disable requestQueueLimit? (set it to zero?). The documentation on this setting doesn't appear to address this question (so maybe I'm missing something or misreading?)
** side note from the above article: The requestQueueLimit is poorly named. It actually limits the maximum number of requests that can be serviced by ASP.NET concurrently. This includes both requests that are queued and requests that are executing. If the "Requests Current" performance counter exceeds requestQueueLimit, new incoming requests will be rejected with a 503 status code)