"You do not have sufficient privilege to access iis web sites on your machine."

While upgrading a solution from VS2005 to VS2010 in XP I got this error:
"You do not have sufficient privilege to access iis web sites on your machine." which was puzzling since I thought I had enough privileges to access iis web sites.
The "solution" to the problem was to execute this command:

C:\WINDOWS\Microsoft.NET\Framework\v4.0.30319\aspnet_regiis.exe -ga aa\fincher

which satisfied IIS and the upgrade worked great, well, after I went to IIS, right-clicked on the web site, selected "Properties/ASP.Net" and set the "ASP.NET version" to 4.0.