Sanjay Narang has written an article for DevX.com on combining Team System with Microsoft Project. I haven't had the opportunity to read it, but if you have please feel free to leave a comment.
Combine Microsoft Project and Visual Studio Team System for a One-two Punch of Productivity
Visual Studio Team System (VSTS) provides centralized storage of work item tracking features while MS Project provides rich planning and tracking features. By using them together, you can improve team productivity, minimize data conflicts, and reduce administrative overhead.
by Sanjay Narang