I was quite surprised that nothing was announced on Team Foundation Server during this year's TechED. We've been using TFS since it its beta 3 stage, and we all know that it is a great product, but it still misses some important features. The biggest limitation from my perspective is the lack of decent support for accessing TFS over an open Internet connection. We currently use SSH tunneling as a limited workaround. Additionally, I'd love to have a web interface for tracking workitems. I know that there are some third-party solutions for that, but come on, we've payed a lot for TFS. Anyway, check out this great blog on the what's coming up for TFS in 2007.
During the TechED, I had a chance to talk to Neno Loje and Ognjen Bajic, both Team System MVP. These guys found a lot of additions and workarounds that you may find very helpful in your daily life in the world of Team System. Check out their blogs for some interesting articles and tools.
Also, if you want to get some help figuring out how to set-up your project, check out this article.