Visual Studio Team System Project Server 2007 Connector

Now you can integrate the project management capabilities of VSTS with Project Server 2007 by using the Visual Studio Team System Project Server 2007 Connector. https://www.codeplex.com/pstfsconnector 

Before this, Visual Studio Team Foundation Server (TFS) does not have the integration with Project Server, the project data for each team is available only in a stand-alone plan. There is no simple way to aggregate project data across multiple projects.

With this VSTS Project Server Connector, you can now synchronizes Project, Resource and Task data between the two systems. Project Managers and Resource Managers continue to work in the EPM environment while the development team works in the development environment

There are many benefits with this integration:
1. The updates to work items in TFS are automatically applied to the corresponding assignments and tasks in Project Server and vice versa. Project Managers have complete control over the inflow of the actuals into the project plan
2. Resource management functions for all development projects, like managing time and utilization for resources working across multiple projects, team staffing etc. can be performed in Project Server.
3. Portfolio and program level reports can easily be generated for projects being executed in TFS and managed in Project Server.

You can download the installer and source code from here.