Team Foundation Server Web Access - Post Installation Issues
FYI, if you install a fresh build of Team Foundation Server and immediately install the Web Access client you may come accross issues connecting. If you do simply create a team project, assign permissions as needed and then try to log into Web Access. It seems that you cannot log into TFS Web Access until you have at least one team project with correct permissions.
Just a quick heads up,
PS. BuckH (http://blogs.msdn.com/buckh/) posted a comment saying this is fixed in 2008, figured it was a worthy update to the post. Thanks Buck.