Searching over the internet i found a very interesting resource which can take you through the installation, general configuration and failover of MIIS 2003 SP1 (~30 mins). 
http://xpstream.winisp.net/alextch/miisha.wmv

The general steps followed in this material are:
1.         Installing the primary server running MIIS 2003
When you are setting up an environment with both a primary and standby server, you should configure the MIISAdmins group as a domain local group on both servers. If you configure the MIISAdmins group as a local group on the servers, members of the MIISAdmins group will be unable to start Identity Manager after the warm standby server has been activated.
2.         Stoping the miiserver service on the primary server
3.         Installing the standby server running MIIS 2003 using the same SQL Server 2000 database
4.         Restarting the miiserver service on the primary server

Almost at the middle of the video (17’ 04’’) there is a second session on PCNS (password synchronization) but only showing the failover capabilities not all the installation/configuration procedure. MIIS is a very powerful system that not too many people is aware of. Have a look at this ppt and make your own conclusions.