The Team Foundation Server Branching Guidance whitepaper is now available!  It's a comprehensive whitepaper that covers strategies, patterns and anti-patterns for branching and merging with TFS.  You can view the branching guidance online or you can download the PDF version.

Branching Guidance Index

• Introduction
• Parallel Development
• Branching Defined
• Creating Isolation in Team Foundation Server
• General Branching Structure Guidance
• Branching Strategies
• Broad Areas of Branching Isolation
• Creating Your Branching Strategy
• Defining Your Code Promotion Model
• Feature Crews: How Microsoft Does It
• End-to-End Implementation Scenario
• Appendix

My team works closely with Graham and Mario of the Branching Guidance team as we build out our patterns & practices VSTS Guidance Project.  We're sharing learnings and synchronizing recommendations as we go along.   We'll be adding more cross-references to the Branching Guidance Project and VSTS product documentation on MSDN from our guidance so you can easily hop for more information.