I have experience storing several Visual Studio solutions (individual products) within the same Team TFS project in both TFS2008 and TFS2010. Here is my trick.
In both versions we create a folder for the Product, then a folder for branches (Main, etc.). This makes it easy to see which product we are working on, and we can see the history of the product separately from other products. Continuous integration works just fine with several build definitions, one for each product. We create only one workspace mapping for the entire Team TFS project.
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1. Team Project , Share Point.
2. Team Project.