So, I decided, in preperation for customer visits, learning, self-abuse, whatever the reason, that I would try and use all of the features of Team System to prepare for the next MSDN tour on Yukon and Whidbey, specifically the Windows Forms demo.
Everything works awesome so far. I have a two machine configuration, dev machine has VS Beta 2 and SQL 2005 April CTP on it.
The Server is running as a DC, Sharepoint, IIS, Team System, DNS Server, etc. It's an older box, below specs (Duel 933 mHz Xeon P3's) with 512MB Ram. Fast SCSI drives, though.
Anyways, creating a team project was a little slow (due to server horsepower) but it worked flawlessly. Everything worked well until I created a new Team Build Type, and tried to execute the build. Continued to get errors about the machine being unreachable. Yikes.
Then I realized. Team Build was not installed. Apparently, if Windows Firewall service is not running when you install the Team Foundation, it apparently does not install the Build Server components. Solution, enable the Firewall service (even if you disable the functionality through the UI), and then install the Build Server from the source (there is a seperate installation folder).
Now, everything is working. I think.