You no longer need to describe in detail all of the configuration for endpoints, bindings and protocols. For example, if you wipe out your web.config then basicHttp protocol is used by default. Also, and this is obscure, by default WCF 4 will act as a protocol bridge. If the client request is SOAP 1.1 but the back end service is SOAP 1.2 the bridge will transform the message automatically, which is transparent both to the client and service. In effect then the client can be an old skool app speaking SOAP 1.1 in http and the back end service can be SOAP 1.2 in tcp and no additional endpoints need to be configured. You do need to create a RoutingService to support routing behavior.

Something called "ETW" (also built into Azure AppFabric) is the new direction for instrumentation for IIS, ASP.NET, and WPF as well as apps running in the Azure cloud. For the purposes of WCF 4, it will be possible to instrument the whole call stack and pinpoint exactly which service and contract implementation is the bottleneck.