I've written before about the TFS <-> Project Server 2007 Connector that the VSTS Ranger team built.  Check out this new Channel 9 video with Lenny (one of the developers of it).  He talks a bit about the Rangers and the projects they have undertaken.  Then he talks in more depth about the Project Server Connector -  what problems it solves, usage scenarios, architecture and then does a demo.

http://channel9.msdn.com/Showpost.aspx?postid=334527

Brian