Naren included a bunch of good links in a forum post, so I wanted to include a copy here.

Yes, TFS can be moved from one server to another and all move types are explained in http://msdn2.microsoft.com/en-us/library/ms404879.aspx . Below are few direct links

Team Foundation Server Move Types

Describes the three kinds of move types for Team Foundation Server.

How to: Move Your Team Foundation Server from One Hardware Configuration to Another

Describes how to move Team Foundation Server from one hardware configuration to another.

How to: Move Your Team Foundation Server from One Environment to Another

Describes how to move Team Foundation Server from a workgroup environment to a domain.

How to: Move from a Single-Server to a Dual-Server Deployment

Describes how to move Team Foundation Server from a single-server deployment to a dual-server deployment.