TFS Quick Tip: Cloaking
In the Source Control Explorer in VS2010 or VS2012, you can cloak any folder in the source tree that want to recursively excluded from "Get Latest Version" operations. Just right-click on the folder, select "Advanced" and "Cloak...". VS2010/2012 will even delete all the local files and folders for those that are checked in; this means you will have to manually delete obj and bin directories, etc.
I have found that this saves me a lot of time when pulling from TFS.