An indication of the excitement that's building for Visual Studio Team System:
Software development organizations that are planning to implement Microsoft Visual Studio 2005 Team System (VSTS) as the standard platform for enacting their life cycle processes, use IRIS Process Author to tailor the underlying process models in accordance to their specific enterprise environments. IRIS Process Author can be used to tailor the two process types of Microsoft Solutions Framework (MSF) that are shipped with VSTS, or to assemble entirely new processes. VSTS instantiates the resulting process models across multiple development projects. The combination of IRIS as an authoring environment and VSTS as an enactment platform constitutes a leading process automation solution for the enterprise.“IRIS Process Author nicely complements Microsoft Visual Studio 2005 Team System. Microsoft enterprise clients now have access to a rich and visual process authoring, modeling and tailoring system that is fully compliant with the new VSTS platform.” says Bindia Hallauer, Senior Product Manager for Visual Studio Team System at Microsoft.
Osellus is creating a tool that will allow you to author your own custom process templates for Visual Studio Team System. Given that this is one of the top questions I've gotten when demoing VSTS, I think this will be a well-received tool.