Teams in Visual Studio 11 CTP, The Bug Backlog.

Default are bugs visually in the product backlog. When a tester files a bugs from test manager (or any other client tool), it will be shown in the teams product backlog. Now, not everybody is happy with the solution that every bug is visible in the backlog. many small bugs will blur the visual management capability of the backlog and task board, and maybe very big ones are to big to solve in the same sprint or need some more investigation and product owner collaboration.