Besides your local repository of registered servers, database options and project options, with TeamServer you can have these shared.
The Server Manager has an additional tab 'Team', where your shared repository of servers and databases is displayed.
In addition to servers and databases, each user has its own set of Favorites.
Team-tab in Server Manager with user specific Favorites
Specific users may not have privileges to add or remove servers
Different users can have different privileges for shared items in the TeamServer, these can be administered using the TeamServer Console.
Additionally, the Catalogs tool adds a tab 'Team'.
SQL Catalog in Server Edition
As with all other shared items, there are special privileges required in order to create/delete Team items.