We are setting up TFS 2010 and we have about 15 different applications we would like to migrate to TFS. We have already decided that we will do 1 collection. The question I have is should we create multiple team projects for each of our applications or should we put all of our applications under one team project? What are the advantages/disadvantages we would face with those scenarios for work items, builds, etc?
My bar for what should be in a team project is whether the applications and/or people working on the applciations have shared resources, like the work items.
In the upcoming TFS11 there is the notion of backlogs (if you haven't seen it yet, I recommend to go to the \BUILD\ recordings). If your applications share the sprints or backlogs, then I would create one team project (or a team project per pool of applications that share these).
If the applications are developed seperately and you want to use different processes, then use multiple team projects.