There are several things to remember about Team Foundation Server. One of the more important aspects is with regard to the project itself. You first have to understand that even though a CTP was released in Release Candidate fashion post Beta 3, the only code that will support the go live license is Beta 3. Thus, the final code (as of this writing) will only upgrade Beta 3.
Also, remember that when you use Microsoft Project to front end the work items and tasks, recall that the relationship among those items are only stored within the project plan itself. When viewed through Team Foundation Server or Excel, those items don't have any relation to each other (like the nice indenting and roll-up capability that Project gives you). The way I plan to manage these projects is by using Project as the primary interface. If I have to do anything drastic with a lot of Team Foundation Server work Items, I'll use Excel as a mass-manipulation tool.