It has nothing to do with TFS (well, at least not directly... not yet), but I've been following the project (I have a lot of embedded work in my background and still find it very interesting) and am very excited to see the .NET Micro Framework has been released!

It's amazing to see how far along the tools in the embedded space have come. 

What does the Micro Framework do that's so special? 

It runs the CLR
On processors that don't even have a MMU
Directly on the hardware. 
In 300k
Device drivers in managed code.

http://msdn2.microsoft.com/en-us/embedded/bb278106.aspx

Robust Managed-Code Environment

An on-device implementation of a subset of the .NET Common Language Runtime (CLR) brings the advantages of .NET development to small devices.

  • Enables writing of simpler, more fail-safe code through built-in support for garbage collection and exception handling.
  • Safeguards against errant execution by supporting only "safe" IL instructions.
  • Allows straightforward support for new hardware with the ability to write device drivers in C# for hardware connected through standard interfaces, such as SPI, I2C, GPIO, and USART.

http://msdn2.microsoft.com/en-us/embedded/bb267264.aspx

What processors does the Microsoft .NET Micro Framework run on?
Smart Watches for MSN Direct use a 27MHz ARM7-based processor. Windows Vista SideShow devices use ARM7 and ARM9-based processors running at a variety of speeds. Microsoft TV Foundation Edition runs on set-top boxes that use a Motorola processor. Microsoft is actively working with semiconductor vendors to bring .NET Micro Framework to new processors.