SP2 oddity

Here is an interesting one. Maybe someone with a little more IIS knowledge
can explain this. 

I have a Server 2003 SP1 machine running Exchange 2003 SP1. I installed
Exchange SP2 and OWA stopped working. Giving me the "Loading..." error.
Well, I decided to delete the password (and leave it blank) out of the
anonymous user (IUSR_machinename) accounts password field under
"Authentication and access control" tab for the default website. Now OWA
works. 

Is a blank password in an IUSR account a special circumstance? Why would the
password change when installing SP2? I actually thought just deleting the
password and closing out of the MMC and going back in would just put the
correct password for the account in and I would have the little dots, but
not so, it is still blank. 


I don't want to leave the account with a blank password, so I need to figure
out what is happening.

Any insight is highly appreciated

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