I'm trying to run HLS over IIS and Smooth Streaming via Silverlight works fine but not HLS. What I have:
Problem is that there is no *.ts files created and m3u8 file is empty as well, that's why HLS doesnt work. No errors or warnings in Event Viewer.
Note: *.ismv could be transformed to *.ts file with all necessary manifests via Transform Manager IIS extension which means (I suppose) that H264 stream is okay.
After some investigation I found what was the problem, to have HLS during live publishing you need to push not only h264 stream but AAC audio as well. Hope It will help somebody.