Application Initialization 1.0 not working on Win 2008 r2, IIS 7.5 / Win 7, IIS 7

I tried using Application Initialization module on both Win 2008 r2, iis7.5 and Win 7, iis 7. Its not working as expected. I downloaded the x64 version.

 C:\Windows\System32\inetsrv\config\applicationhost.config

<applicationPools>

<add name="MyApp" autoStart="true" startMode="AlwaysRunning" managedRuntimeVersion="v4.0">

</applicationPools>

.

.

.

<sites>
<site name="Default Web Site" id="1" serverAutoStart="true">

<application path="/MyApp" applicationPool="MyApp" preloadEnabled="true">.

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.

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</site>
</sites>

Application web config file

<system.webServer>

<applicationInitialization
remapManagedRequestsTo="loading.html"
skipManagedModules="true" >
<add initializationPage="/default.aspx" />
</applicationInitialization>

</system.webServer>

Its not having any effect. When I restart IIS and loaded the URL in browser http://localhost/myapp/default.aspx it didnt showed the loading.html page, neither it looks like the appPool is always running\warmed up.

Also, it didnt showed the multiple instances of w3p process. Its not working.

A small video for configuring Application Initialization module on Win 7, IIS 7 or Win 2008 R2, IIS 7.5 would be helpful, because may be I have missed something.