In short: doesnt work! – TFS 2010 requires Office 2007 for managing your project.
Here is a hack that allows you to continue working with Office 2003 with TFS 2010. It is a hack because you cannot create a new file from VS 2010. The only way to create a new excel document linked to your project is from VS 2008. In addition there are some other issues, such as no support for tree of items, etc.