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Most of the answers so far seem to cover the source code control only. I'm using TFS for years now and never lost anything or had issues with it, but I have very low standards.
However, since a few weeks I'm using the TFS ALM features the first time and I must say I like it very much. Working at a company that has no other tools to manage requirements and tasks than Excel, it didn't needed much to make me happy! Nothing against Excel, I still use it, but in a whole different way. TFS ALM allows you to get your Backlog dumped into Excel, update it and publish it back to TFS with the press of a button. Bug tracking etc. is also part of it. If you like to work in Visual Studio or through the web frontend, no problem at all.
All the team members have access to it and can update their tasks, read the updated specifications, everybody can see what we are working on, with the product owner I can move user stories to other iterations and everything is updated instantly.
Didn't got to the details of having a meaning full burn down chart but it's also a question how far you want to dive into adapting the scrum method.
As a project manager my task of keeping the overview got a whole lot easier, developers can see what's next on their to-do, planning and estimation is transparent and my client is happy as he can see what is going on very easy.
It's the first project we are doing this way (more than 80 user stories) and we certainly have to get better at everything but I'm sure I'll continue on this road.
Drawbacks: Well' as every new tool you have a learning curve but it isn't too steep with TFS ALM. The tool is very powerful and sometimes you can get lost a bit in all the possibilities but I regard this as positive!
Hope this helps.
Rene
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I agree,
and have to say, that the TFS is compelling to anyone who ever used it.
I have used it in my previous company and fell in love with it, and now I cannot work in other environment. It's like going to Notepad after using VisualStudio 
However the learning curve involve in this is very less compared to other similar tool, i.e ClearCase, Git, Subversion etc.
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I have used TFS at work now for about 2 years. The task/work item management is OK, I guess. It appears to be quite flexible.
The source code control, on the other hand, I find rather horrible. It is dog slow if you have "too many" mappings. Mappings are what TFS uses to associate your local code to a repository in what it calls a "Workspace". You can have server workspaces that are quicker but there are pros and cons either way. TFS seems to constantly check for local changes and *that* slows it down. Having fewer mappings helps but when you work on many bits you don't have much choice.
The branching is also strange and the way it manages file versions internally is totally different from the usual SCC software options. It is rather "heavy". Merging between branches is not as simple either.
Having used SVN/Git/Mercurial and other task-tracking software such as Jira I can honestly say I would *never* recommend TFS.
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EbenRoux wrote: Merging between branches is not as simple either
I might want to contradict with you about that.
I find it rather simple, I wonder, what might be bothering you.
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Firstly, let me just say I am not religious about these things 
I use TFS on a daily basis and only moan about it every second day
Anyway.
I used SVN for quite some time (also around 2 years) and the whole global version number, switching, and merging seemed so easy once I understood it. I am not quite on that level yet with git.
TFS, however, requires all the mapping and file copying and tight branch coupling. It really just feels so heavy.
But that is just my opinion.
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Agreed, but have you used ClearCase, it's the same only worse. 
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Well that is it.
Today, I leave the platform in about 1 hour. This brings to close the end of working offshore in North Sea (for the time being!). I have another 3 weeks of official employment, but I'm on leave for those.
Over the next 5 or 6 weeks it is all about getting ready to begin the next episode with the move from the cold wet blowy Northern North Sea to the opposite end of the spectrum in Qatar!
It certainly has been an adventure over the last 25 years and 5 months 1 day, but it ain't over yet!
Update: Damn, helicopters have just been put on hold due to weather! There is a shock....... 
modified 28-Jan-15 7:07am.
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The wind down here in Surrey is scary enough, goodness knows what it's like up there.
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Sorry about that, too many radishes in the salad last night! 
veni bibi saltavi
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I think it's called "end of an era"
PooperPig - Coming Soon
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era
ˈɪərə
noun
a long and distinct period of history.
I would!
PooperPig - Coming Soon
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Quote: 25 years and 4 months and 2 days
FTFY 
Skipper: We'll fix it.
Alex: Fix it? How you gonna fix this?
Skipper: Grit, spit and a whole lotta duct tape.
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I just checked and updated, it is actually 25 years, 5 months and 1 day up to and including today!
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Still 2 days to add - to wait for the heli
Skipper: We'll fix it.
Alex: Fix it? How you gonna fix this?
Skipper: Grit, spit and a whole lotta duct tape.
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It is damned hot and dusty in Qatar. 
Press F1 for help or google it.
Greetings from Germany
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KarstenK wrote: It is damned hot...in Qatar.
Easily fixed: Cold Beer. ![Beer | [beer]](https://www.codeproject.com/script/Forums/Images/beer.gif)
KarstenK wrote: It is damned...dusty in Qatar.
Easily fixed: Cold Beer.
It's damned cold and wet in Scotland.
Hot Beer doesn't work.
Bad command or file name. Bad, bad command! Sit! Stay! Staaaay...
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Isn't there an ban on alcohol in Qatar?
- I would love to change the world, but they won’t give me the source code.
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DaveAuld wrote: Damn, helicopters have just been put on hold due to weather! There is a shock...
Uh-oh.
You sound like the young cop's partner, who's only got three weeks until retirement...
I wanna be a eunuchs developer! Pass me a bread knife!
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Might as well be wearing a red shirt.
Software Zen: delete this;
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Kirk out.
Geek code v 3.12
GCS d--- s-/++ a- C++++ U+++ P- L- E-- W++ N++ o+ K- w+++ O? M-- V? PS+ PE- Y+ PGP t++ 5? X R++ tv-- b+ DI+++ D++ G e++>+++ h--- r++>+++ y+++*
Weapons extension: ma- k++ F+2 X
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Exactly! Or be the fat not-too-close friend of someone who turns into a monster.
I wanna be a eunuchs developer! Pass me a bread knife!
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Looks like your new platform is in [CP collor^]
Enyoy your leave!
With friendly greetings,
Eric Goedhart
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Congrats on your new job.
Are you taking the family with you; or is your every couple weekly commute about to get a whole lot longer?
Did you ever see history portrayed as an old man with a wise brow and pulseless heart, waging all things in the balance of reason?
Is not rather the genius of history like an eternal, imploring maiden, full of fire, with a burning heart and flaming soul, humanly warm and humanly beautiful?
--Zachris Topelius
Training a telescope on one’s own belly button will only reveal lint. You like that? You go right on staring at it. I prefer looking at galaxies.
-- Sarah Hoyt
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