Rob Caron provides some clarification on what is and isn't included in the RTM (released to manufacturing - i.e. "done") bits of Visual Studio 2005 Team System.

Bottom line...with the Team Edition for Software Architects, Team Edition for Software Developers, and Team Edition for Software Testers, you get all of the features associated with those SKUs (stock keeping units), with the exception of the Team Explorer functionality used for integrating with Team Foundation Server (which is currently available as a Beta 3 Refresh release). In order to get Team Explorer, you need to install it from the Team Foundation Server installation media.