Version control is the most basic feature in TFS. It has been there since the beginning. We use it primarily for that purpose. Basically ensuring that the code is not overwritten by other team members and maintaining the sanctity of the code. Bringing order to a disparate team which is virtual at different locations is very important, and TFS provides that control. Once you update a code, nobody can modify it until you are done working on it and check in. It is a great product that revolutionized the way teams work together on Microsoft pieces of code. The versioning part has unique features and capabilities which are unmatched with other products out there.
