When you try to connect your Visual Studio 2008 environment to a Team Foundation Server 2010 it is so popular that you will not be able to make it. After clicking Tools->Connect to Team Foundation Server and trying to connect to your own TFS you will receive one of errors, for example this:
What should you do now? Just go the link below:
Download Service Pack 1 for VS 2008 and then install it.
Remember, it is really important to install Team Explorer before installing Service Pack 1!
Then, when everything is installed you need to do one more thing – install Forward Compatibility Update for TFS. Go here: Forward Compatibility Update for TFS 2008
Now you are able to launch connection to a Team Foundation Server 2010.