Importing test cases from Excel to VS2010 is a no longer a pain. Check out Test Case Migrator (Excel) on codeplex - an automated tool that gives end to end support to move test cases from Excel to the new TCM capabilities with MTLM in VS 2010!
It has a nifty wizard that lets you map columns in Excel with fields in your work item type and also lets you split out your test steps with different delimiters or columns. Plus this works across both Agile and CMMI methodologies out of the box. Note this is a one time import only and won’t let you continue to keep your test cases in Excel in sync with TCM though.
So, go on – give it a shot and tell us what you think!