I too am seeing this issue.
Some extra info: We just upgraded from TFS 2005 to TFS 2010. VS2010 is able to connect to TFS with no issues. We are able to hook up the SharePoint portals and get bidirectional communications between the two systems.
When I connect to a project in TFS Admin Tool 2.1, even after clicking on the individual Team Project, all of the buttons in the right pane stay greyed out and nothing comes up in the area below them. The only buttons that are ever active are Connect,
Disconnect and About.
Is there some sort of issue with this tool being able to handle projects that were converted from older versions?