I've been using TFS at work for a few months now, and am pretty impressed with it.
My only real problem is with taking work home - at the moment it's a matter of copying via a memory stick, but that causes problems as VS relies on the readonly file state to determine whether a file has been changed.
This article by Martin Woodward details what will probably be the way forward for me - a VPN to home and a local TFS proxy - letting me keep my workstation and laptop in sync at home.
I'll probably have to use a virtual server instance tho', rather than having another server in the house.
For working disconnected on the laptop, Dave Glover gives the solution to preventing your copy of VS from connecting to TFS in this blog article. Unsurprisingly, it's a simple registry hack.
Deep Team Server joy will be mine! ;-)