The symptom is this: you change some area or iteration in a TFS Project, but the change is not reflected (or updated) in VS or any other TFS Client.

Well, it happens that TFS now has some clever caching mechanisms that need to be updated when you make a change like this, and those changes are propagated by some scheduled jobs TFS is continuously running in the Application Tier. 

So, you you get this behavior, please check (and possibly restart) the "Visual Studio Team Foundation Background Job Agent" service. In my case, this service was logging a very odd "Object Reference Not Set" into the Windows Event Log, and a simple restart fixed it.

Hope this is fixed by RTM...   (we are using the RC version).

And by the way, if the job agent is broken there are some other things that stops working like email notifications.

Best regards,

Andrés G Vettori, CTO, VMBC