<p>From an earlier post about trying to improve my sites performance I have been looking at HTTP compression. I have read about setting it up in IIS but it seems to be a global thing for all IIS application pools I may not be allowed to do this as there is another site running on it as well. I then saw some code to put in global.asax to achieve the same thing on a per website basis.</p>

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<p>Is this as good as the setup in IIS? How dramatic is the effect? Any known issues?</p>

I think the Global.asax option will be a good if you are in a shared hosting environment for example, where you don't have access to IIS configuration.
IIS 6 provides basic compression support, but if you're already in IIS 7, it provides you great
HTTP compression
support, you can define which files get compressed based on their MIME type in your configuration files...