I am looking to upgrade our current TFS. The original install was done by one of our QA guys. He says that the install was a pain. What are some resources I can read up on? Secondly, I understand that TFS runs on Sharepoint, my organization doesn't use sharepoint right now but from my perspective looks like we may go that route. How should I upgrade TFS since the base sharepoint is already installed?
There is a help file that covers the various install/upgrade options for TFS on Microsoft Downloads. This is updated more frequently than the install so grab the latest.
TFS 2005 install was a pain, 2008 made it much simpler. But the upgrade process is different. I just did a little planning (read the instructions so I had everything I needed) and it all went pretty smoothly. Note that it does change the database, so if you have a large database (TB scale) you may need to allow a block of time for the process.