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!