We are using TFS for almost two years for tracking Tasks and entering also the estimated time and final time spent in the tasks. When we check in the changes we associate that Task with the changes.
We have now reports that tell us exactly who spend how much time doing what. We also know which developer has how much on his plate, and I can move tasks from one developer to another if the workload asks for it.
Also we use Team Companion which integrates the TFS Tasks into Outlook. All correspondence (mostly emails) is associated with the Task and stored in the TFS SQL database. Any of our developers can open a task, and he can open the emails from wherever he is.
I could go on for ever how much TFS is helping us to organize our work and to become more structured, although we probably use less than 10% of that tool. At first I was extremely skeptical but now I cannot imagine how to work in a team without that software.

>TFS is more than version control. It will run your continuous integration, tracks bugs, work items, story points, etc. It's useful for team collaboration. If you aren't doing much team collaboration, then some of these other pieces aren't useful for you. However, even in small shops you can see big wins from bug tracking and continuous integration.
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>>I'm perfectly capable of checking in/checking out source code without having to have it integrated into my IDE. I really haven't found anything else that TFS is good for.