You cannot directly compare TFS and a DVCS.
If your company leans toward TFS, that may be because of the other features TFS comes with (data collection, reporting, and project tracking, all well integrated with Microsoft products)
On the pure Version-Control side, the Team Foundation Server 2010, with its Team Foundation Version Control (TFVC) 2010, introduces branches as first-class citizen.
See Team Foundation Server and branching characteristics, compared to others.
I still find their branching models more complex than a Mercurial or Git one.
See TFS2010 Branching into a subfolder of another branch vs. Guide to Branching Model in Mercurial (and this SO question which also details merges and branches with DVCS)
That being said, it remains a CVCS (Centralized VCS), meaning you get different working processes than with a DVCS: see Describe your workflow of using version control (VCS or DVCS).
The true killer feature of a DVCS remains its merge capability (simpler and faster than any CVCS).
But introducing a DVCS in a corporate environment remains hard.
