TeamDevCentral just launched the first hosted offering of Team Foundation Server in North America. Until April 1st the set up fee is waived for the Starter/Pilot package which includes up to 5 users. They have already deployed Microsoft Team Foundation Server so you don’t have to – a big saving in cost and time. TFS licences are included on a pay as you go basis, so licensing costs are limited to your actual use.
Check out www.teamdevcentral.com for more info.
if you are in Australia/Asia make sure and check out Readify's TFSNow Hosted Team Foundation Server offering-An offering they have had in place for over a year now.