Here are some great articles talking about properly enabling compression in IIS6.
I had made some of these changes in the past, but I noticed that they had since been overwritten or not persisted. I believe with the changes to the metabase file it will help keep the compression working.
http://blog.grushin.com/2008/04/21/iis6-compression-including-js-css-etc/
http://blog.grushin.com/2008/04/21/iis6-compression-file-extensions-and-testing/
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