Talk about your cool tools, the Visual Studio Team System group has just released a CTP for a web access client for Visual Studio Team System.
Visit Brian's blog for more details.
I have tested this with TFS 2005 and it works great. Why? Well because it works with 2005 and I haven't gotten around to installing TFS 2008 yet.
You can use Windows or Forms-based authentication for accessing your TFS. This is a great tool for providing users in your organization with access to the project details on your TFS systems without requiring them to have Visual Studio installed. You will have to install Team Explorer however.
My setup is Visual Studio 2005 and 2008 in a side-by-side install. VS 2005 has the Team Explorer from TFS 2005 installed but that is not sufficient for the web client to work. I had to install Team Explorer from TFS 2008.
Both VS 2005 and VS Team System Web Access are both able to seamlessly access my TFS 2005 server.
Check it out.