Some real-world Team System project experiences...
Bill Simser in Calgary is using Team System with a Scrum template, and he mentioned hearing Joel's recently recorded Dot Net Rocks episode (which I've downloaded but haven't listened to - knowing Joel it will be clever and entertaining and inspiring all at once. Lucky me I get to hear Joel almost every day....)
Well, he's using it on a real project, and he's completed his first iteration. There are some interesting observations in his post, and I look forward to hearing more about this project.
We're using Team System and the "MSF for CMMI Process Improvement v4.0 Process Guidance" template for a project that uses similar technologies as Bill's list - except we're building for Mobile devices. We're using the Mobile Client Software Factory from Patterns and Practices, which includes a port of the Smart Client Composite Application Block and a bunch of GAT recipes.