Here's a fresh article indicating that the next team system beta (officially, Beta 2) is coming soon, and the product itself should be available “after the summer”.

Microsoft developer division corporate VP S Somasegar, said, "We shipped the beta last summer, we are going to ship another beta in the next month or so and we hope to be able to ship the product after summer sometime this year."

I guess the good news is that it sounds like progress is still being made in getting the product to a releasable state. The bad news, I guess, is that the final ship date is deliberately vague: “after summer”. Hmm, is that Fall? Or Winter?