One of new feature in TFS 2012 is the Local and Server workspace.
- Server is as the workspace from TFS 2010.
- Local workspace is new and allows to :
Work offline easily. You can quickly begin editing a file when your network connection is unavailable or unreliable. From Solution Explorer you can add, edit, delete, rename, undo, and compare items in your workspace even when you’re not connected to your Team Foundation Server.
Easily restore files that you have deleted locally. To restore locally deleted files, just get your files.
Visual Studio automatically detects changes. When you add or delete files outside of Visual Studio, the program automatically detects these changes.
The official link to the msdn website :