Well, first, note the name change to better reflect its purpose. What used to be termed the TFS Migration Toolkit, now reflects its support of synchronization of "other" applications and Team Foundation Server. We know that not everyone can just up and drop years worth of defect tracking, risk management, requirement gathering, source control, etc, and they can't completely migrate to TFS just yet either. Some folks are just more confortable using whatever tool already exist in house and don't want to make the move yet. This toolkit will give you everything you need to quickly get migrated or synchronized with your existing tools by setting up some field mappings. There is a lot of documentation on it already, including code samples, blogs and community forums. Give our TFS Migration and Synchronization Toolkit a spin today and let us know what you think!
If you haven't seen the features available in the up and coming version of Visual Studio.NET, check out the Orcas CTP today. All kinds of great new stuff has been baked into the Framework, the IDE and even TFS.