Hopefully by now you've had a chance to download Orcas Beta1 and try it out for yourself. I, for one, was just running the VPC version which includes all of Team System including TFS yesterday and it's pretty amazing to see it all come together. We've been working on finishing up this release over the last month so it's nice to see that it's now available to the general public.
While you're waiting for the bits to download, take a look at Soma's interview on Channel 9 where he goes into detail about release.
I think Orcas Beta 1 is the best first beta release we've issued in a long time...we're using parts of it internally and I have no complaints so far. Try it out for yourself and let us know what you think.