At the end of October 2012, Microsoft announced the Team Foundation Service, not to be confused by Team Foundation Server (TFS).
This is essentially TFS online or TFS in the Cloud. You can create a unique URL for yourself and have 1 project up to 5 users for free. Any more of either and you have to pay extra for it. This will be a stable offering in 2013.

I have been looking for a source-control solution for some time now, and the only options were GitHub (paid for a private project, free for open-source) and BitBucket.atlassian.com (free, but you need a Git project). I do not want to manage a server, so Subversion or TFS was not an option.
In fact, BitBucket seems to be the only free option.

So, TF service was a welcome thing.
Note: The URL for it is: http://tfs.visualstudio.com and the old URL for tfspreview would be carried forward to this new one. The old URL will be deprecated. So, if you created your projects there, you will get them at the new URL.

Let’s say you want to delete a project you made. This is a no-no, as stated by the TFS team and they say a collection cannot be deleted. With a workaround, a Team Project can be deleted. This is not possible from the GUI (keep looking), but a simple command line command should do the trick.
To do this, go to the Visual Studio command prompt and let’s say you have a project called “foo” you want to delete. Type the command:
tfsdeleteproject /collection:https://foobar.visualstudio.com/defaultcollection foo

tfs capture

This deletes the foo project from the default collection. This is a complete hack and is insecure because no credentials need to be supplied. This also means that someone else could potentially delete your project, so be weary of this for now, and maintain a separate backup locally in case this happens and always think it could. I would expect this hole to be plugged in the near future, so don’t count on it to be there when you try..

http://blogs.msdn.com/b/bharry/archive/2011/09/19/deleting-a-team-project-from-the-team-foundation-service-on-windows-azure.aspx has this info.

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