I did a proof of concept a few weeks ago where I put a complete stack of components: a model class, a controller class and their associated views into a DLL, added/tweaked one of the examples of the VirtualPathProvider classes that retrieve the views so they'd address those in the DLL appropriately.
In the end, I just dropped the DLL into an appropriately configured MVC app and it worked just like if it had been part of the MVC app from the start. I pushed it a bit further and it worked with 5 of these little mini-MVC plugins just fine. Obviously, you have to watch your references and config dependencies when shuffling it all around, but it did work.
The exercise was aimed at plugin functionality for an MVC-based platform I'm building for a client. There are a core set of controllers and views that are augmented by more optional ones in each instance of the site. We're going to be making those optional bits into these modular DLL plugins. So far so good.
I wrote up an overview of my prototype and a sample solution for ASP.NET MVC plugins on my site.
EDIT: 4 years on, I've been doing quite a few ASP.NET MVC apps with plugins and no longer use the method I describe above. At this point, I run all of my plugins through MEF and don't put controllers into plugins at all. Rather, I make generic controllers that use the routing information to select MEF plugins and hand the work off to the plugin, etc. Just thought I'd add since this answer gets hit a fair bit.
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