Microsoft Urlscan Filter v3.0

I'm looking into throwing this on our IIS servers and wanted to get feedback from y'all on two things:

1) Would this count as a Web Application Firewall? The reason I ask is for possible PCI Compliance benefits.

2) Has anyone used this and, if so what problems did you run into?

This would be installed onto boxes running Windows Server 2003 and IIS versions 5 and 6.

For convenience sake, here is the link to the Microsoft page talking about this tool:
http://www.microsoft.com/downloads/details.aspx?FamilyId=EE41818F-3363-4E24-9940-321603531989&displaylang=en#Instructions

Doing some Googling I also found this site kinda helpful but it still doesn't answer the above questions.

http://learn.iis.net/page.aspx/473/using-urlscan

Thanks in advance!!