Not really, but hopefully just as cool. Brian Harry has posted a teaser about the upcoming "Team Foundation Server Power Tools - October '08 Release", of which includes a Windows shell extension to TFS. If you’ve never been able to use TortoiseSVN during your development, you’re missing one of the greatest tools available to a Windows developer.
Sure, we’ve had SVNBridge for a while now, and it works well with CodePlex, but I never could get comfortable with it for a couple reasons; Checkin policies against WorkItems was clunky and Workspaces were usually out of sync with my local repository. This is certainly good news.