bsimser has a good writeup on CodePlex and Team Explorer
here.
It would seem that Team Explorer still works with any TFS. I'm still in shock that MS actually did this. Now I just have to get everything set up and give it a spin.
bsimser says that the Team Explorer client comes with TFS. I just finished downloading the CD image and I'm having problems finding a stand alone server install. I know that on MSDN theres a 5 user version of TFS that you can download separately.