<p>Is there a mod_rewrite equivalent for IIS 7.0 that's </p>

<p>a) more or less complete </p>

<p>b) suitable for a production environment, i.e. battle-tested/dependable/secure</p>

<p>Do you have an experience-based recommendation?</p>

Have a look at URLRewriter. Used it in production once without problems. But don't rely on that as the only quality check:
http://www.codeplex.com/urlrewriter
(It's free and has a Microsoft Public License)
Managed Fusion URL Rewriter is a powerful URL manipulation engine based on the Apache mod_rewrite extension. It is designed, from the ground up to bring all the features of Apache mod_rewrite to IIS 6.0 and IIS 7.0. Managed Fusion Url Rewriter works with ASP.NET on Microsoft's Internet Information Server (IIS) 6.0 and Mono XPS Server and is fully supported, for all languages, in IIS 7.0, including ASP.NET and PHP. Managed Fusion Url Rewriter gives you the freedom to go beyond the standard URL schemes and develop your own scheme.