I have the pleasure to work with Microsofts Team Foundation Server (TFS) and the Eclipse Plugin provided by them (former known as Teamprise). I won’t talk about how bad it feels to work with TFS compared to Subversion and even CVS because of the good tooling integration into Eclipse – not to talk if you are used to stuff like git. But you can’t imaging how lucky you are if you use an OSS VCS like the ones above.
Anyways – today I added EclEmma to get code coverage while running the JUnit-Tests and TFS-plugin now thought that it had to checkin a file eclemma wrote to my projects bin folder – argh. So I searched something like svn:ignore (the Subclipse Eclipse Integration provides a Menu-Contribution dear TFS-Plugin authors). Apparently the TFS-Plugin has no such option so I had search the docs find the solution. All you need to do is add a .tpignore-file in my project root with the following content:
/bin/ /bin/.*
which will ignore everything below the bin-folder.
Tomsondev Blog 
In addition to what’s in your .tpignore file, the TFS Plug-in for Eclipse will ignore any resource marked “derived”. You might be able to flip this bit on and have it stick for your bin directory (depends on the resource’s lifecycle and other plug-ins whether it stays).
Also, the latest release of the TFS plug-in (2010 SP1) includes those Ignore/Unignore menu options you described.
I’ll try to see if I get access to 2010 SP1 Thanks! Is there something similar to Export > Team > Team Project Set available?
Sorry, the TFS plug-in doesn’t support project sets yet.