MCMS and TFS
Microsoft Content Management Server (MCMS) and Team Foundation Server (TFS) in Visual Studio 2005 don't play nice together. Since MCMS is a dead-end product, I don't expect there will be an actual fix.
The KB Article fix (sort of).
Stefan's workaround. Essentially you need to use them separately, TFS with Visual Studio and a standalone version of the MCMS Template Explorer.