As with any decisions on which software to use, it depends on your needs. We use the IIS SMTP engine here to send millions of messages out at certain times of the year. It's fast and powers through them very quickly. It does not, however, have any sort of internal mailing list management, bounce processing, etc. You can set the retry schedule for soft failures, but that's about it. It's pretty bare-bones, and personally, I like it that way.
If all you want to do is send mail out for some web apps without any other frills, IIS SMTP should work great for you. Just make sure the connection and relay settings are set so that only servers on your network can connect and relay through it.