The next beta version of Visual Studio 2005 (with Team System) is now up on MSDN for those with access.
I was lucky to get a preview build of Beta 2 just over a month ago since I am writing a book for Manning on it. All I can say is that it has been an extremely smooth experience installing it and playing with it over the past month or so. Almost everything works. A few hiccups here and there, but that is to be expected in Beta software, especially since I have it configured in a non-standard way. (I have seen a couple of things with the MS Project integration that needs more finish.)
So, don't just stand there. Go out, get it, install it, and play!
Disclaimer The opinions expressed herein are my own personal opinions and do not represent my employer's view in any way.