I've just tried out TFS 2010 today, along with Project 2010 and VS 2010. Only Later realized that without Sharepoint, TFS is only configured as Basic. This reduces it's functionality as oppose to what I've seen during VS2010 product launch. Sadly I can't find any alternative but to get a trial copy of Sharepoint to see if it serve my purpose. Well, apparently Sharepoint only comes with x64 edition. I'm not formatting any machine to x64 just to give this a try. So, after some reading up, I found that Project Server is actually based on Sharepoint. Now I wonder is whether TFS can be configure to connect to Project Server?
If it's possible, would the setting be much different that Sharepoint's?
And what am I missing from this setup as oppose to Sharepoint's?
Based on Sharepoint != Sharepoint. I think that Project Server is just a subset of Sharepoint functionality. Also, basing Project on Sharepoint allows for some really tight integration into your portal. To answer your question, I don't think you still will get your fully featured TFS without Sharepoint Proper.
FYI - Sharepoint 2007 (or 3.0 or whatever it is) is not x64 only, but will run on x86. TFS 2010 will go full feature on 2007