This happened on 3 servers after exchange 2010 sp1 update rollup 7. When you go to use OWA it just redirects to a white screen with a long url that ends in &reason=0.
The changes should be instant but to restart IIS just open cmd elevated and type ‘iisreset’ and press enter.
If it still doesn’t work, go back into the anonymous edit and change the bullet from IUSR to ‘Application pool identity’ to get it working.