TeamPulse does not replace WIM. If you consider the natural flow of the application lifecycle, TeamPulse provides value early on in the lifecycle when creating and refining your stories/requirements and planning them by assigning them to areas and iterations. Once the stories/requirements are mature they can be synchronized with TFS at which point they become work items in TFS (Product backlog, Requirements, etc depending on which project type your syncing with).
WIM picks up at this point where the development team works on the stories and decomposes into finer grained work items for implementation. As work items are completed and stories become complete, the status of these items flows back into TeamPulse via synchronication with TFS.
Imagine that TeamPulse is like WIM but for TeamLeads, Project Managers, and Business Analysts.
There is the beginnings of integration with WIM in TeamPulse in the released beta as it allows the export of iteration meta data (such as start and end dates) such that WIM can pick up on that information and be in step with TeamPulse.
the Telerik team
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system and vote to affect the priority of the items.