As Ubiguchi points out TFS is not a version control product. Buying TFS with the intention of only using it for Version Control would clearly be a waste of money. TFS is an integrated suite of tools to automate all aspects of Application Lifecycle Management (and pretty much geared to "The Enterprise".
Also per Ben S's post - I don't understand your comment about locks. Locks aren't required in TFS at all. Administrators can configure TFS to work like VSS (features demanded by some "unwise" customers) to "Get-Latest on Checkout" which I believe also does a check-out lock.
But through "normal" use of TFS a "check-out" prompts a user for the lock type - and the default should be "none". A user CAN select a check-out (or a check-in lock) - but it is not required. If you don't want locks, don't use them.
TFS does track which users have check-outs on the server for various both performance reasons (make get-latest faster) and project management (I like to see what developers have files checked out and how long their check-outs are).
I'm not real familiar with SVN (I've never used it) - so I can't comment that "mergeing is worse with TFS" - and haven't hit the merge bug Ben S reported - but I've had great success with branching and merging using TFS.
One use case I know TFS is still pretty weak at is for users who are regularly "offline". TFS is a "Server Product" that assumes the users are connected the majority of the time. The offline experience improved in the 2008 release (it was dismal in 2005) but still has a long way to go. If you have developers who need (or want) to often be disconnected from the network for long periods of time - you are likely better off with SVN.
Another feature to consider for SVN fans who are using TFS is the SVN Bridge a codeplex which allows users to use TortiseSVN to connect to TFS. I good friend and colleague of mine uses it extensively and loves it.
Also the comment about a lack of command line surprises me - the command line tools are extensive (although many require a seperate download of TFS Power Tools
I suspect Ben's comments are based on an eval of the 2005 release which was clearly a "Microsoft V1.0" product. The product is currently in 2.1 with Version 3 coming in the near future.