Our team recently reviewed a 3rd party tool called ProjectParty from OranTech.  We were impressed with the completeness and apparent quality of the solution.  It does a good job of supporting both top down planning through Project Server and bottom up reporting.

The ProjectParty connector supports high level EPM planning to be done in Project Server.  The tasks are then replicated to TFS and can be viewed/updated inside VS or other TFS clients.  Those updates are sent back to Project Server and can participate in the EPM approval workflow.

In addition the tool supports resource synchronization, breaking Project Server tasks assigned to multiple people into individual TFS tasks and more.  If you use Project Server for EPM and are looking for better ways to connect with your development team, this tool could be a big help.

Brian