Scott Bekker wrote an article for Redmond Channel Partner Online on Team System that examines the insight it brings to software development projects, and considers the value of Team System to Microsoft Partners. It also includes some coverage of its use at EDS, which was also covered in this SDWeek article by Andy Patrizio: EDS Gives Team Foundation Server a Thumbs-Up.
Keeping on top of a software project requires several squishy people skills. Managers must call or talk to their developers constantly to determine the state of each person's aspect of the project. There's also the matter of discerning that one developer's "almost finished" means "barely started" while another's self-imposed deadline of Friday can be taken to the bank.