I've been having a bit of a play with three 3rd party products for Team System, namely, TeamLook, TeamPlain and Teamprise. This is not a review of these products, just some observations.
TeamLook
TeamLook integrates without Outlook to provide access to Work Items only. It gives you a nice tree view of work items and you can create new work items from emails. It looks promising but I found that Outlook was taking minutes to start-up with TeamLook loaded. After removing TeamLook, Outlook starts up in about 2 seconds.
Teamprise
Teamprise is a J* client for TFS and provides work item and source control functionality for Eclipse or as a standalone client. I don't know much about Eclipse but we do have a team using it for a large WebSphere project. This does look promising but it doesn't go far enough yet. There is no access to reports or documents or process guidance - you fall back to Sharepoint for this - which is fine, but TeamPlain is better.
TeamPlain
TeamPlain is a ASP.Net application that provides much of the same functionality as Team Explorer, but with a much richer UI. With it you can view and create work items, view reports and documents, view source code with some limited source control interaction and pretty much do everything you need to do if you don't have Team Explorer. For us, this means we can provide work item access to testers and users without having to install the TS Client. I found the web access extremely fast - faster than the Team Explorer. The UI is also very attractive and easy to use. TeamPlain also authenticates users with Integrated Security if possible or using a standard login/password prompt. This means we can provide external access to our repository without providing a VPN.
In the future they will be providing Eclipse and VS2003 addins which will suit us very well.
Licensing of TeamPlain is not cheap, but they do have floating licenses and if you just need work item access then there will be a cheaper Lite version.
Summary
All of these products are still officially in beta, but TeamPlain is pretty much finished and just waiting for TFS RTM. Overall, I think TeamPlain provides the best performance and coverage of TFS functionality but I'd expect TeamPrise to improve when it's closer to release. If you just need work item access then TeamLook is probably also worth a closer investigation.