We would like to have some periodic actions executed by our WCF service hosted in IIS. What is the best way to do this...Creating a timer doesn't look as a good solution. Creating a windows service that would behave as some kind of a heart beat looks like a problem solution, but it still doesn't smell good. What approach will be a good solution to this problem? Thanks!
That depends on what your action is trying to do. If it's a database related clean up action, e.g. deleting orphaned shopping carts, you could schedule a job for this in your database of choice, like SQL Server's very reliable job engine. A Windows service would be a great candidate if it's an OS based action like periodic clean up/deletion of files etc. Since an IIS/WCF service is usually designed more to handle external responses I don't think it'd be wrong to use the service layers of the OS or DB for your task.
I used to run into tasks like this in my PHP days, when I would want to schedule an email to be sent at a given time. After many months of tinkering (mainly trying to handle calls to a page that may never come in), I eventually came to the conclusion that an essentially stateless bit of code is not the place to do it, and scheduled a cron job to fire each night.
I'd definitely recommend going down the route of an externally triggered job (either in SQL, a windows service, etc) and handling your operations from there. The pain, as I know to my cost, is just not worth the return.