Doing so will result in the following:
- The Team Explorer's 'Documents' node will have a red X on it and will not expand.
- Team Project Creation Wizard will fail with the standard templates, only templates with all WSS functionality removed will work.
- You will not be able to browse to the site by right-clicking on the project and selecting 'Open Project Portal'.
This means that the WSS integration to TFS will fail on all client machines.
And this is not resolved in Service Pack 1 as well, I think we'll have to wait for future releases of TFS