New suggestions for error handling in ASP.NET MVC 2

Question

There's been a lot of examples on error handling here at SO since MVC 1 first came out and on specifically 404 error handling but since a lot of stuff changed with version 2 and new techniques emerged I would like to ask this question of what is the latest, preferably most optimal way of handling 404 (and other) errors in ASP.NET MVC 2.

Here are some links to old questions and after reading them all I would like to ask:

1. How do you do it now? Do we really have to implement all of this?
2. What, if anything, is wrong with just relying on web.config settings for custom errors?

So essentially, I want to bring the stuff already published here at SO about error handling in ASP.NET MVC up to date, with your help, if possible.

Answer 1

No changes have been made to 404 handling in MVC 2

For a list of whats new: http://www.asp.net/learn/whitepapers/what-is-new-in-aspnet-mvc