I wish I had been there. A number of folks on my team working on VSTS spent most of the last 3 days down at the Tech Ed, 2005, in Bangalore. The reports that I have seen so far indicate that there has been tremendous excitement around VSTS, in general. The key note session, by Senior Software Architect, Ashutosh Tiwary, who traveled for Tech Ed from Redmond, followed by the various VSTS sessions, hands-on lab, Chalk-Talks (incidentally all of these were conducted by my team members) have all been well received. All sessions were packed. So much so, even those that did not have access to the computers in the Hands-on labs were following the "presentation" as a demo. The interest level is very encouraging.
The overall feedback and feeling seems that productivity of software teams will be significantly positively impacted by VSTS. This is exciting for our customers, Microsoft and of course, the teams that are working on VSTS. Exciting times ahead!!