The Visual Studio "Orcas" March CTP is available and now contains TFS. In this, you will find the majority of the feature work we plan to do for our Orcas release. I appreciate those of you who can look it over and give us feedback. Use http://connect.microsoft.com to give us the feedback (or, if you want, you can comment on this post and I will forward it but Connect is better). This CTP is being released as both a Virtual PC (VPC) image and Installable Bits for both VSTS and TFS.
If you wish to use the Virtual PC image, you will need Virtual PC or Virtual Server to run this image. You can use Virtual PC 2004 or Virtual PC 2007 (2007 required to run the VPC on Windows Vista). If you wish to use the self-extracting install, we advise that you do not install this on a production machine. If you have Vista as the OS on your box, please only download the VPC. In either case, depending on your hardware the download files make take between 30-60 minutes to decompress.
Use the following links for step-by-step instructions on installing and using the VPC images or installable bits, links to the ReadMe and provide feedback.
See Readme document for important notices and information about the CTP.
Here is some detail on the new stuff you will find in Team System.
Team Foundation Server