According to this page, Visual Studio 2010 Ultimate contain Team Foundation Server 2010. This mean we don't need to download and install TFS 2010 separately? If, yes can anyone tell me how to set up tfs 2010 with Visual Studio 2010 ULTIMATE.
You still need to download and install Team Foundation Server, if you plan to use the Team Foundation integration that exists in Visual Studio. Installing Team Foundation Server is rather straight forward (Microsoft Wizard like), but you need to point it at an existing SQL Server instance and thus need to make sure you have a server available for use.
It's recommended that you install Team Foundation on a separate server, that's not running the database but this is in no way mandatory.
Since the licensing varies by country, the true answer is, "Call Microsoft and find out".
However, in general, a license for TFS comes with the MSDN subscription. Also, in general, the "Ultimate" edition is only offered with an MSDN subscription.
But go ask Microsoft before you find out the hard way that your country is the exception to the "general" rule.
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