In the Source Control Explorer in VS2010 or VS2012, you can cloak any folder in the source tree that want to recursively excluded from "Get Latest Version" operations.  Just right-click on the folder, select "Advanced" and "Cloak...".  VS2010/2012 will even delete all the local files and folders for those that are checked in; this means you will have to manually delete obj and bin directories, etc.

I have found that this saves me a lot of time when pulling from TFS.

Rob