Released: TfsDemo_1.0.0.1 (Oct 14, 2012)

The console application today sets up

Create a new Team
Set the team as the default team
Configure team settings
Set Backlog Iteration path
Set Team Iterations and start & finish dates
Set Team Area path
Add Team Members
Add Product Backlog Items & linked Tasks.

This has been tested against Tfs Server/Service using Scrum 2.1 Process Template