OK so since everyone is downvoting the answer I wrote way back in 2008*...
I will tell you how we do it now in 2014. We no longer use Web Sites because we are using ASP.NET MVC now.
We certainly do not need a load balancer and two servers to do it, that's fine if you have 3 servers for every website you maintain but it's total overkill for most websites.
Also, we don't rely on the latest wizard from Microsoft - too slow, and too much hidden magic, and too prone to changing its name.
Here's how we do it:
We have a post build step that copies generated DLLs into a 'bin-pub' folder.
We use Beyond Compare (which is excellent**) to verify and sync changed files (over FTP because that is widely supported) up to the production server
We have a secure URL on the website containing a button which copies everything in 'bin-pub' to 'bin' (taking a backup first to enable quick rollback). At this point the app restarts itself. Then our ORM checks if there are any tables or columns that need to be added and creates them.
That is only milliseconds downtime. The app restart can take a second or two but during the restart requests are buffered so there is effectively zero downtime.
The whole deployment process takes anywhere from 5 seconds to 30 minutes, depending how many files are changed and how many changes to review.
This way you do not have to copy an entire website to a different directory but just the bin folder. You also have complete control over the process and know exactly what is changing.
**We always do a quick eyeball of the changes we are deploying - as a last minute double check, so we know what to test and if anything breaks we ready. We use Beyond Compare because it lets you easily diff files over FTP. I would never do this without BC, you have no idea what you are overwriting.
*Scroll to the bottom to see it :( BTW I would no longer recommend Web Sites because they are slower to build and can crash badly with half compiled temp files. We used them in the past because they allowed more agile file-by-file deployment. Very quick to fix a minor issue and you can see exactly what you are deploying (if using Beyond Compare of course - otherwise forget it).