Everything you want to know about Visual Studio ALM and Farming
Brian Harry is a Microsoft Technical Fellow working as the Product Unit Manager for Team Foundation Server. Learn more about Brian.
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I've seen a few questions come up about this. Two questions, actually:
Question: How do I delete a Team Project Collection on the Team Foundation Service?
Answer: You can't. For now we automatically create one collection per account (called DefaultCollection) and you can't delete it, rename it, add another one or anything else.
Question: How do I delete a Team Project on the Team Foundation Service?
Answer: You can but it's ugly. This is one of those unfinished scenarios that helps explain why this is a "preview" and not a finished service. Buck wrote a post on how to do this.