The most common site bindings used is both net.msmq and msmq.formatname to localhost.
This will however make iis search through all the queues installed in Server/Features/Message Queuing/Private Queues
Best way to bind is to have the private queue named exactly as the .svc wcf service url and then binding to localhost/exactname. It is allowed to use wildchars. eg. net.msmq binds to localhost/logservice/logservice_int.*
For msmq activation read this article: msdn on MSMQ activation
If you need more of an introduction read this: Getting msmq, wcf and iis to work together
Other things to remember
- appcmd set site "Default Web Site" -+bindings.[protocol='net.msmq',bindingInformation='localhost']
- appcmd set app "Default Web Site/MsmqService" /enabledProtocols:net.msmq
- aspnet_regiis.exe
- aspnet_regiis.exe -iru