No you didn’t read wrong, the title is correct - PHP manager will work with IIS 7 and 7.5

The official IIS site now features a very cool download allowing you to:

• Register PHP with IIS;
• Validate and properly configure existing PHP installations;
• Run multiple PHP versions side by side on the same server and even within the same web site;
• Check PHP runtime configuration and environment (output of phpinfo() function);
• Configure various PHP settings;
• Enable or disable PHP extensions;
• Remotely manage PHP configuration in php.ini file.