Those of you lucky enough to have an MSDN subscription can go download Beta 1 very shortly, according to the announcement it is available now (but it isn't showing up in my MSDN subscription yet) - I suspect that the lovely bits on on the way through the MSDN distribution pipe as we speak.
However, while you are waiting you can check out the Channel 9 video of the announcement from Soma.
My poor ADSL pipe - I'm already downloading Ubuntu Linux 7.04 over bittorrent which was also released today. At least I'll have something to play with over the weekend :-)
With Beta 1 I'm going to be attempting a side by side installation of Orcas Beta 1 with VS 2005 and VS 2003 (and also the many versions of Eclipse I have on my main dev machine which is running Vista). I'll let you know how I get on. I will however be cheating and going for the VPC version of Team Foundation Server just to save myself some time setting that up right now.
Update: The VPC Image with Team Foundation Server installed is now available via the public download site. Personally, I use a download manager (such as wxDownload) to get these files as they are pretty big. If you do to, then the following direct download links may well be useful
http://download.microsoft.com/download/c/1/6/c16ac093-5b28-47b2-b5bf-d36eb7d8d25a/OrcasBeta1TFSVSTS_VPC_9PartsTotal.part01.exe
http://download.microsoft.com/download/c/1/6/c16ac093-5b28-47b2-b5bf-d36eb7d8d25a/OrcasBeta1TFSVSTS_VPC_9PartsTotal.part02.rar
http://download.microsoft.com/download/c/1/6/c16ac093-5b28-47b2-b5bf-d36eb7d8d25a/OrcasBeta1TFSVSTS_VPC_9PartsTotal.part03.rar
http://download.microsoft.com/download/c/1/6/c16ac093-5b28-47b2-b5bf-d36eb7d8d25a/OrcasBeta1TFSVSTS_VPC_9PartsTotal.part04.rar
http://download.microsoft.com/download/c/1/6/c16ac093-5b28-47b2-b5bf-d36eb7d8d25a/OrcasBeta1TFSVSTS_VPC_9PartsTotal.part05.rar
http://download.microsoft.com/download/c/1/6/c16ac093-5b28-47b2-b5bf-d36eb7d8d25a/OrcasBeta1TFSVSTS_VPC_9PartsTotal.part06.rar
http://download.microsoft.com/download/c/1/6/c16ac093-5b28-47b2-b5bf-d36eb7d8d25a/OrcasBeta1TFSVSTS_VPC_9PartsTotal.part07.rar
http://download.microsoft.com/download/c/1/6/c16ac093-5b28-47b2-b5bf-d36eb7d8d25a/OrcasBeta1TFSVSTS_VPC_9PartsTotal.part08.rar
http://download.microsoft.com/download/c/1/6/c16ac093-5b28-47b2-b5bf-d36eb7d8d25a/OrcasBeta1TFSVSTS_VPC_9PartsTotal.part09.rar
The Orcas Beta 1 Team Suite VPC is available now (I'm downloading part 3 as I write this :) on MS Downloads...
http://www.microsoft.com/downloads/details.aspx?familyid=36b6609e-6f3d-40f4-8c7d-ad111679d8dc&displaylang=en&tm
Any luck on the side-by-side install of Orcas with VS2005?