So, I finally completed the upgrade to BlogEngine 1.4.5, and I took this opportunity to also finalize the migration from a Windows Server 2003/IIS 6 hosting platform to the Windows Server 2008/IIS 7 platform. Despite the inevitable teething troubles, everything seems to be stable now. This was largely due to the fact that the IIS 7 deployment requires a different (read "more secure") approach.
I'll be blogging soon about how I went about setting this up and I look forward to comments and suggestions on whether anyone had a better experience or knows how to approach this more efficiently.