Fahrid Mheir writes about his first reactions to Visual Studio Team System. He writes a neat summary about the areas of Team System that I'm part of:

At its core, VSTS has a "work item" database, basically a "bug tracking" SQL database, but more flexible to allow any kind of WI to be defined and stored in there. All actors can get assigned to work items and update their status, create new ones, etc. from within Visual Studio or Excel or Project. So Microsoft is adressing project management issues in VSTS.

Michael Earls also seems very enthusiastic.

Predicting that VS.NET Team System will fundamentally change the development universe is like predicting that the sun will rise again tomorrow.

This stuff is completely fantastic.  Finally, we'll have a development tool that's more than just coding tools and library browsers.  We'll have an end-to-end system that will cover the important aspects of the software development lifecycle.

I'm so happy to be part of something that's going to “fundamentally change the development universe”!