Short answer: No. Enterprise is not required for TFS integration.
Longer answer: If you don’t have Enterprise, you don’t get Excel services. Without Excel Services, you’ll only get two dashboards built off SQL Server Reporting Services. With Excel Services, you’ll get five Excel-based dashboards. So TFS 2010 supports standard MOSS and even some free version of SharePoint, but the difference is in the dashboard experience.
Look at the Dashboard Requirements section of this topic: http://msdn.microsoft.com/en-us/library/dd578615.aspx
Basically there are two types of dashboards: most sexy and sexy. If you use any of the supported free version of SharePoint or MOSS 2007/2010 Standard, you get sexy dashboards. If you use MOSS Enterprise 2007/2010, you get super sexy dashboards.
I almost wrote supper sexy. Must be the picture of the beef.

November 8, 2011 at 12:12 pm
Thanks for posting this Tim! Good info; it appears the Enterprise version would yield the most desirable results for project managers to see the status of what is being worked on in VS 2010. I will have more questions to follow.
November 11, 2011 at 2:45 pm
Are there any advantages to installing Sharepoint on the same server as TFS verses having them on separate servers?
November 13, 2011 at 8:52 pm
Hey, Pat, the big advantage of single server is that it’s a little easier to setup. But eventually your team is going to outgrow a single server and need to spread things out, so it’s okay to consider putting SharePoint (or some other piece of the prereqs) on a remote server. It’s not that difficult to do, especially with TFS 2010 wich supports many custom topologies.
Here is the checklist for installing TFS with remote SharePoint:
http://msdn.microsoft.com/en-us/library/dd578648.aspx
If you run into problems or get lost, post back here. I know that checklist like the back of my hand and can guide you through it. Good luck!
Good luck!