We have a Team System environment where our applications are set-up as separate Team Projects. Often, we run into a scenario where a development task requires updates to code in multiple Team Projects.
In this scenario, what are the pros/cons to having a single changeset that contains coding changes across multiple Team Projects? What are the pros/cons to using a one-changeset-per-Team-Project approach?
I see no problem with this approach. Remember that TFS will allow you to rollback to the previous changeset, or inspect the files affected by a changeset (comparing to previous versions) so you can rollback some or all of your changes if required.