I am behind a corporate proxy server which requires credentials. I have been trying to connect to a TFS server (on tfspreview.com) with MS Visual Studio Pro 2012
After three days of searching, the solution fell into my lap.
Now, what happened was VS tried to do an automatic update but was stopped by the proxy. I was prompted for credentials and the check took place.
I was inspired to check the TFS server connection just for kicks in case that prompt would possibly establish a connection for the TFS server to tunnel through... lo and behold! It worked!
WORKAROUND:
Note: Some have suggested trying to use the proxy credential prompt by opening the integrated browser but this has not worked. I am not an expert but I think they are connecting through different channels within windows itself.
There is no editing of devenv.exe.config required for this to work.
It will be a pain to have to check for updates manually every time you need to connect to the server, but this is the best solution I have come up with until Microsoft fixes this issue permanently with an update or future release.