Are you missing your process template editor submenu underneath the "Team" menu in Visual Studio?  The new process template editor that is bundled with the TFS Power Tools requires for you already have the Domain-Specific Language Tools for Visual Studio 2005 Redistributable Components installed on your machine.

After you have installed that you should be good to go.  Be sure to uninstall the Power Tools and then install them again to get it to come up.

Ed B.