I got team system installed today. It was a breeze.
There are couple of things I'd like to point out about the install that might matter if you are running on x64 hardware. While the installation docs do claim you can install on x64, it does not mention an important fact about running x64 ASP.NET.
IIS can only load one version of the framework at a time. When you install .net 2.0 it changes IIS to run .net 2.0. This will break an app tier install because the app tier, which is WSS based requires the 1.1 version of the framework. This means that you will need to tweak some registry keys to force the correct version of ASP.NET to load.
I personally haven't experienced the problem first hand as I installed on 32bit Windows, but having some experience with the x64 ASP.NET modules leads me to believe that the foundation servers CAN NOT run on 64 hardware even though the docs claim that it can (see reporting services would need the 2.0 runtime, while WSS would need 1.1.
I got a buddy on the Team System team who is looking into this, so expect something official from Microsoft at some point in the near future. My advice at this point in time would be to either use a 2 tier configuration with the data tier running on x64 and the app tier running on x86, or just use a single tier x86 configuration.
Again, this is just me talking here and I haven't really tested it myself. It just seems like there isn't any logical way for it to work. Stay tuned for more information.
UPDATE: 04/20/05 Yeah. this is confirmed. x64 is not currently supported for TFS for the reason outlined above. The docs are incorrect with regards to Opteron support.