I spent most of the morning setting up my new server and installing / configuring my new Team Foundation Server Orcas Beta 1 instance. The installation went perfectly with no errors, hick-ups or warnings! As with TFS 2005, follow the installation instructions EXACTLY (especially when creating the three domain accounts you'll need) and don't skip any steps. The Team Build install also went flawlessly.
Kudos to Brian Harry and his entire team!