Just a quick note on the March 2007 experience of Visual Studio Orcas:
If you have trouble or failures like Mike and a lot of others did, don’t use the Virtual PC image, but instead create your own. Download the self-extracting installers for VS Orcas and TFS Orcas. Also, do NOT install VS2005 and Orcas side-by-side. This is the cause of all your pain and error messages (well, not all, but the a lot of the ones related to this subject). Why, o why did Microsoft install VS2005 Team Suite together with Orcas when even the release notes say this causes these issues.
Just so at least you know. Happiness continues after that.