I hosted my WCF service with wsHttpBinding as well as netTcpbinding. While I hosted with netTcpBinding on IIS 7 I have considered the following things, hope it will be useful for others also.

Web.Config should have following configuration settinggs to hosting WCF service on IIS7(WAS):

<bindings>
    <netTcpBinding>
        <binding name="tcpbinding" portSharingEnabled="true">
            <security mode="None"></security>
            <!--<security mode="Transport">
              <transport clientCredentialType="Windows" protectionLevel="EncryptAndSign"/>
              <message clientCredentialType="Windows"/>
            </security>-->
        </binding>
    </netTcpBinding>
</bindings>

Trouble Shooting on IIS7.*

If following exception gets thrown while adding service reference:

Error: Cannot obtain Metadata from net.tcp://win-2008:9002/Multibinding/Service1.svc
If this is a Windows (R) Communication Foundation service to which you have access, please check that you have enabled metadata publishing at the specified address.
For help enabling metadata publishing, please refer to the MSDN documentation at http://go.microsoft.com/fwlink/?LinkId=65455.WS-Metadata
Exchange Error
URI: net.tcp://win-2008:9002/Multibinding/Service1.svc
Metadata contains a reference that cannot be resolved: 'net.tcp://win-2008:9002/Multibinding/Service1.svc'.
Could not connect to net.tcp://win-2008:9002/Multibinding/Service1.svc. The connection attempt lasted for a time span of 00:00:02.0374439. TCP error code 10061: No connection could be made because the target machine actively refused it.
No connection could be made because the target machine actively refused it

Step 1: Make sure following services are enabled for net.tcp:

Net.Tcp Listener Adapter
Net.Tcp Port Sharing Service

If not then enable and start both services.

Step2: IIS Manager -> Select Hosted service -> Action pane -> Advance setting ->

See Enable Protocol, by default http protocol there, need to specify net.tcp with comma separated

Step3: Make sure your application pool is running in classic mode

Step4: Right click on Default Website -> Edit bindings

Make sure net.tcp protocol information there

Step5: Check firewall, Create Inbound and outbound rule for port which we are using.

Hosting WCF Service with netTcpBinding on IIS7