Kevin Kelly blogs about the need to differentiate work item types, which you can do using Visual Studio Team System's extensible work item tracking system. The most common work item type is the bug, but you can use the same system to track assigned work, schedule information, feature requests, etc.
You can read more about the work item tracking system and its extensibility in these two articles:
Visual Studio 2005 Team System: Enterprise-Class Source Control and Work Item Tracking
Explore the integrated change management components for enterprise-class source code control, work item management, and reporting
Visual Studio 2005 Team System: Extending the Suite
Learn how to expand the Visual Studio 2005 Team System with an integrated set of services and tool-specific APIs that are publicly available.
You can watch a demo video that includes work item tracking: