Charles Young has a great article in his blog on MSF 4.0 that covers MSF in general and the two MSF process templates that ship with Team System.
I believe MSF represents a subtle change in Microsoft’s attitude. The promotion of MSF in conjunction with Visual Studio Team Services all but guarantees that the framework will become far more widely adopted and recognised over the next few years. In this respect, Microsoft possesses a confidence it lacked a decade ago in its ability to function as an industry leader in advocating best practice for consistent engineering of high quality code at all levels of professional and enterprise software development. Several years ago, the joke (I heard it first from a Microsoft MSF evangelist) was that if you wanted to know how to do software development properly, the last people you would think to approach would be Microsoft. Today, the reality is that they are amongst the first.