I have been asked a question about Test Edition from Microsoft VS Qtp and I have no idea what this tool is capable of with respect to Qtp. What can we achieve using this tool, cost and maintenance and other stuff. Any kind of help is highly appreciated.
I have played with TFS and found it a tool for dev and not QA. It is very far from being a mature testing tool for QA testing. While QTP is more expensive it does offer a great deal of flexibility that TFS can't match.
Are you talking about using Microsoft Coded UI for test automation?
If so my impressions of it are that it is very capable if you are wanting to create a data/modular driven framework and itegrates very well with a development lifecycle based around Microsoft Tools.
One thing to check would be the technologies your automation needs to support - Coded UI is mainly limited to web and .net windows forms, so things like terminal emulation would probably not be supported.
As ever, the best way to find out is to try it out for yourself.