TF30177: Team Project Creation Failed after Fresh Team Foundation Server Install

If you’re getting this error after a fresh TFS and Team Explorer install, the first thing you should do is check whether you have Visual Studio 2008 SP1 installed.  If so, and you installed Team Explorer after SP1, that’s probably the problem.  You need to re-install SP1 to bring the Team Explorer bits up-to-date.  And no, it has nothing to do with permissions on the TFSREPORTS user; don’t waste your time.  Ignore the error description and explanation given.  Re-install Visual Studio 2008 SP1.  Restart.

Error
TF30004: The New Team Project Wizard encountered an unexpected error while initializing the Microsoft.ProjectCreationWizard.Reporting plug-in.

Explanation
TF30171: The Microsoft.ProjectCreationWizard.Reporting plug-in used to create the new team project could not be initialized and returned the following error: TF30224: Failed to retreive projects from the report server. Please check that the SQL Server Reporting Services Web and Windows services are running and you have sufficient privileges for creating a project.

User Action
Contact your Team Foundation Server administrator. <— don’t you hate it when that’s you? :)