So, as usual, the night before a demo, panick mode sets in when the previously working machine configuration starts to barf (the technical term for it) and gives error wierdness. In my particular case, my Visual Studio Team Suite Beta 2 client could not seem to connect to the Team Foundation Server, with an error that indicated it could not connect to the BISGSS… and then lots of SOAP faults, and not being able to add the Team Foundation Server to the list, and oh my.
As it turns out, it seems that the ADAM instance for Team Foundation and IIS occasionally do not start in the correct order. I found that by killing them (stop the BISGSS service, IISRESET from the command line, start BISGSS) seemed to fix the problem. The order may be wrong, but a combination of these two actions fixed the problem.