http://msdn.microsoft.com/en-us/library/vstudio/ms181368%28v=vs.100%29.aspx
TFS Version Control Basics
Workspace
A workspace includes client-side folders on the local disk mapped to version-controlled folders on the Team foundation version control server.
Get Latest
You get the latest files from server to your client
Cloaking
Use cloaking to prevent users from viewing specified workspace folders 
or for folders you do not currently need. Cloaking is useful when you 
are working with files from two or more branches under a common parent 
to prevent you from copying files unnecessarily
Team Foundation version control provides the ability to add items to the server that are not bound to Visual Studio. 
http://msdn.microsoft.com/en-us/library/vstudio/ms181433%28v=vs.100%29.aspx
ChangeSet
You use a Team Foundation version control 
changeset to store and find information about a single check-in operation.
 ShelveSet
Shelving lets you set aside a batch of 
pending changes temporarily and optionally remove the pending changes from 
workspace. 
Different between ChangeSet and ShelveSet
When you check in one or more of the pending changes in your workspace, Team Foundation creates a 
changeset
 in the source control server. A changeset is a group of source file 
revisions, check-in notes, a comment, and links to associated work 
items. Similarly, a 
shelveset is a group 
of source file revisions, check-in notes, comments, and a list of 
associated work items. However, a shelveset does not contain a 
collection of committed and versioned file changes. Both shelvesets and 
changesets are stored on the Team Foundation server and can be retrieved
 into a workspace by any user who has sufficient permissions.
Other differences between changesets and shelvesets:
- Unlike
 a changeset, a shelveset is a non-versioned entity. If you or another 
user unshelve the items of which a shelveset consists, edit several 
files, and reshelve the shelveset, Team Foundation does not create a new
 version of the items for future comparison and maintains no record of 
who revised the items, when, or in what manner. The original shelveset 
is completely replaced.
- You can delete a shelveset but you cannot delete a changeset.
- You
 can link a changeset to a work item so that when a user clicks the 
changeset link on the Links tab of the work item form, the changeset is 
automatically retrieved to the current workspace. This functionality is 
not supported for shelvesets.
- You can prevent or at 
least, strongly discourage users from creating changeset that do not 
comply with established team standards by creating and enforcing 
check-in policies. This functionality is not supported for shelvesets. 
 
 
 
BranchingBranching Strategically
 http://msdn.microsoft.com/en-us/library/vstudio/ee782536%28v=vs.100%29.aspx
Merging
Labelling
Labels enable you to take a snapshot of your files so that at a later 
date you can refer back to that snapshot. By using your label, you can 
view, build, or even roll back a large set of files to the state they 
were in when you applied the label.