You must use the Visual Studio Team Explorer 2012 (included in all Visual Studio editions or may be separately downloaded) to create a team project on a TFS 2012 server. If you use VS 2010, you will get an error about not having permission.
[UPDATE 04/18/14] The Visual Studio team has released an extension to VS 2013 to address the feedback on this, which has been loud and clear for a long time now: Visual Studio Installer Projects Extension.
[UPDATE 11/6/12] Fixed broken links.
Years ago, I posted an msbuild task to run tests without test lists for VSTS 2005. That functionality made it into VSTS 2008. Then Pierre Greborio added support for test categories. That test category capability is now available in VS 2010.