We get lots of questions about how to organize version control in TFS, particularly around branching.  We've wrtten a white paper describing branching approaches and best practices.  A lot of this is based on who we do it internally.  Jeff wrote a longer article on it than I'm planning to so I'll just point you at his blog announcement :)

http://blogs.msdn.com/jeffbe/archive/2007/03/21/branching-guidance-now-available.aspx

Bran