Our school is currently using Team Suite for Senior Project classes. It is nice and I am glad that our school was allowed to train students to use this software for when we graduate and are released into the world.
It comes pre-packaged with the agile software development process. From my understanding of the tool, it is possible to either purchase or create a software development process. I am currently unaware at how capable the suite is at doing this, but we were informed that MS is not forcing a certain model on whoever purchases team suite. MS simply provides one model right now and encourage serious developers to create their own.
A fun tool and all but for the purposes of my senior project, I also opted to not use it. Partially because the VSTS server was hosted on some shat computer on campus where if a single other person was working on their SP it would lag like hell taking half an hour to simply open. I used some of it so I could have the experience.