Buck Hodges has announced the release of the the Microsoft branded web front-end to Team Foundation Server based on DevBiz Team Plain (which was aquired by Microsoft earlier this year). Brian Harry has written a long post about the history of the product and about the features of this release.
I downloaded the distribution from here and the uninstalled the version of DevBiz Team Plain (2.0 RC) I had installed already. Running the setup after that went fine and after less than 5 minutes total the Visual Studio Team System Web Access was up and running. So far I've seen little differences from the Team Plain version but than again most of the features were already in Team Plain 2.0.