Is there a way to prioritize test cases in order to filter the reporting?
e.g. How many test failed? vs How many “release critical” tests failed?
You can use the Description attribute and categorize your tests in order to achieve this. The following snippet shows where you would place your Description attribute. I am showing this from VS 2008.
Once you do the trivial task of placing a description and then when you run automated TFS Team Build, wherein you also selected the option to run your tests, the results would be pushed into the TFS warehouse.
Once in the warehouse, you could use Excel to access the data and slice it the way you want to see it. See below on what is possible. In the following Category-1 could be your “release critical” category and Category-2 could be Regular tests, and so one can immediately know how much of your “release-critical” ones failed versus regular tests and so on.