"Welcome the the Team Foundation Server Branching Guidance Community Site! The purpose of this project is to build some insightful and practical guidance around doing branching and merging using Team Foundation Server. It's a collaborative effort between industry experts, Microsoft Services, patterns & practices, and VSTS team members.
"Real" source code/project branching is something I'm still wrapping my head around. Coming to TFS from SourceSafe (where project branching/merging wasn't really all that viable) I've been keeping my eyes open for good information on how to best use project level branching and merging.
This looks like a good starting place...
For offline reading, there's a 37 page PDF version of the content.