Focusing on Visual Studio Team System (VSTS) ALM-related parts:

Visual Studio Ultimate 2010

• NEW: IntelliTrace® (aka the historical debugger)
• NEW: Architecture Tools
• New Project Type: Modeling Project
• UML Diagrams
• UML Use Case Diagram
• UML Class Diagram
• UML Sequence Diagram (supports reverse enginneering)
• UML Activity Diagram
• UML Component Diagram
• Layer Diagram (with Team Build integration for layer validation)
• Architecuture Explorer
• Dependency visualization
• DGML
• Web & Load Tests

Visual Studio Premium 2010

• NEW: Architecture Tools
• Read-only model viewer
• Development Tools
• Code Analysis
• New Rules like SQL Injection detection
• Rule Sets
• Code Profiler
• Multi-Tier Profiling
• JScript Profiling
• Profiling applications on virtual machines in sampling mode
• Code Metrics
• Test Tools
• Code Coverage
• NEW: Test Impact Analysis
• NEW: Coded UI Test
• Database Tools (DB schema versioning & deployment)

Visual Studio Professional 2010

• Debuger
• Mixed Mode Debugging for 64-bit Applications
• Export/Import of Breakpoints and data tips

Visual Studio Test Professional 2010

• Microsoft Test Manager (MTM, formerly known as "Camano"))
• Fast Forward Testing

Visual Studio Team Foundation Server 2010

• Work Item Tracking and Project Management
• New MSF templatesfor Agile and CMMI (V 5.0)
• Hierarchical Work Items
• Custom Work Item Link Types
• Ready to use Excel agile project management workbooks for managing your backlogs (including capacity planing)
• Convert Work Item query to an Excel report
• MS Excel integration
• Support for Work Item hierarchies
• Formatting is preserved after doing a 'Refresh'
• MS Project integration
• Hierarchy and successor/predecessor info is now synchronized
• NEW: Test Case Management
• Version Control
• Public Workspaces
• Branch & Merge Visualization
• Tracking of Changesets & Work Items
• Gated Check-In
• Team Build
• Build Controllers and Agents
• Workflow 4-based build process
• NEW: Lab Management (only a pre-release is avaiable at the moment!)
• Project Portal & Reporting
• Dashboards (on SharePoint Portal)
• Burndown Chart
• TFS Web Parts (to show data from TFS)
• Administration & Operations
• Topology enhancements
• Application tier network load balancing (NLB)
• SQL Server scale out
• Improved Sharepoint flexibility
• Report Server flexibility
• Zone support
• Kerberos support
• Separation of TFS and SQL administration
• Setup
• Separate install from configure
• Improved installation wizards
• Optional components
• Simplified account requirements
• Improved Reporting Services configuration
• Setup consolidation
• Upgrading from previous TFS versions
• Improved IIS flexibility
• Administration
• Consolidation of command line tools
• User rename support
• Project Collections
• Archive/restore individual project collections
• Move Team Project Collections
• Server consolidation
• Team Project Collection Split
• Team Project Collection Isolation
• Server request cancellation
• Licensing: TFS server license included in MSDN subscriptions

Removed features (former features not part of Visual Studio 2010):

• Debug » Start With Application Verifier
• Object Test Bench
• IntelliSense for C++ / CLI
• Debugging support for SQL 2000