A compiled list from the various teams of some (not all) changes in Team Foundation for July CTP.

Team Projects & Portal Sites

• Improved error reporting, and rollback/deletion of a project that wasn’t successfully created.
• Windows SharePoint Services site templates are now built on the standard Windows SharePoint Services site definition instead of our own custom site definition, so they’re a little more stable (there were a number of Beta 2 issues around this).

Team Explorer

• Enhanced copy behavior.
• Can open files read-only, or for edit (it used to be only for edit).  Read-only is now the default.
• More Process Guidance launch points.
• Improved sync between Solution Explorer and Team Explorer.

Team Foundation Version Control

• Team Foundation Server (proxy) for optimization of distributed team scenarios.
• Improvements to the “resolve conflicts” user experience.
• New option on the Shelve dialog box to "Evaluate policies and check-in notes before shelving".

Team Foundation Work Item Tracking

• You don’t have to wait 30 mins for security and classification changes to sync.
• All the fields can now be localized, including system fields.
• You can delete fields.
• When editing work item types, WITImport will prevent you from renaming fields in use elsewhere by accident. 

Reporting

• Renamed and trimmed down the elements of the data warehouse cube.
• Restructured the cube to facilitate analyzing information from across Team System components.
• Re-authored MSF for Agile Software Development reports to work with the new cube structure.
• Added most reports that will be present for RTM.

Microsoft Office 2003 Integration

• Many performance improvements.
• You can round-trip long text fields between Microsoft Office Excel 2003 and Team Foundation Server.
• You can link a list object to a query in Microsoft Office Excel 2003.