VS 2010 Beta1 does an amazing job visualizing branch hierarchies and tracking changesets.
Here is the Mature Branch Plan Hierarchy:
Here is the view from Source Control Explorer, showing the arrangements of folders and branches. Now that branches are first-class
objects in TFS 2010 it is easy to distinguish them from folders:
Now you can track a changeset to see what branches it has been merged into (for example Changeset 130)
is now in all the development and servicing branches:
Here is the same changeset tracked on a timeline view (you can now see the sequencing of when
and how the changeset moved to a particular branch.: