The MSDN documentation does not explain how, when or why this value is set to true.
Setting <configuration debug="false" />
in web.config does not set the property to false, nor does setting <deployment retail="true" />
in machine.config.
I'm running the test website from Visual Studio 2012 on IIS Express, I do not have IIS 'proper' installed.
Edit:
After reviewing Oscar's answer and doing some more research, it seems that setting <deployment retail="true" />
should override, so I probably didn't set it in the right framework's machine.config when I asked this question.