A recent article on eWeek (Visual Studio Team System 2006 on Horizon) speculated that Team System would be renamed to Visual Studio 2006 Team System given the delayed shipping of Team Foundation Server to the first quarter of CY2006. As evidenced by this update to the article with a quote from Prashant Sridharan, that's simply not the case. It's still Visual Studio 2005 Team System.
In spite of claims by some sources, Prashant Sridharan, group product manager of Microsoft's Developer Division, said late Friday: "Microsoft has no plans to change the branding of Visual Studio 2005 Team System, and we are on track to ship Team Foundation Server in Q1 2006 as expected."
Visual Studio Team System 2006 on Horizon.