Orcas Lives!
I usually try to avoid simply passing on what others have already announced. This is one of my exceptions. If you haven't already heard, Visual Studio 2008 has released and is available through MSDN downloads. I'm downloading Team Suite it as I type. I haven't seen TFS 2008 posted yet but it is supposed to be live today as well!
There are numerous good posts regarding this but I want to point specifically to Jeff Beehler and his Visual Studio 2008 ships post. This one includes a list of the key updates that make up Visual Studio 2008 Team System.
Happy Downloading!!!!