Whoever decided that working with exclusive check-outs with teams in TFS was a good idea should be shot. What an absolute ball-ache!

It depends on the size of the team and how product work is divided. When I've worked with it in the past, a little thought up front in current division of work makes it a non issue (with the benefit of rare conflicts). Git takes the more wild west approach which is perfectly fine, but I've seen that it encourages a lack of planning wrt division of work that results in lots of stepped on toes and very frequent conflicts (not a git problem, a management problem).