One of the nicest things about TFS is the way it can be customized and extended to fit different types of process.

A colleague of mine, Mario Cardinal, works for a company who has built an Agile/SCRUM extension: http://urbanturtle.com/awesome/

This really highlights how TFS can be used as the basis for a deep solution around a specific process, methodology or project philosophy. Cool stuff – and if you do SCRUM you should probably take a look at Urban Turtle to see if it can help you out.