One of the problems that users encounter when using Source Control Explorer is knowing what state the file or folder is in, particularly if it is shown in gray rather than black text. In beta 3 refresh and ealier, gray text meant that the file or folder was unmapped, cloaked, deleted, or not downloaded. There was no way to tell a deleted file from a cloaked file, for instance. It often left users asking the question, "Why is that file (or folder) gray and how do I change that?"
Recently, we added more information to what Source Control Explorer shows simply by changing the "Latest" column to say more than yes or no.
In the screen shot below, you can now see that I have the latest of the folder Mine (the folder itself, we'd have to go into the folder to see the state of the contents); the folder Misc is cloaked; the folder Old has been deleted; and I do not have the latest version of foo.cs. If I had added an folder that wasn't mapped to the example below, you'd see "Not Mapped" for that folder.
By default, viewing deleted files and folders is turned off, in which case I wouldn't see the folder Old. To have Source Control Explorer display deleted files and folders, go to Tools -> Options -> Source Control -> Visual Studio Team Foundation and check the view deleted items setting.