Visual Studio Team System
The SharePoint home page for your project is the perfect tool for these individuals. From this site they are able to access the current status of the project, review the number and severity of bugs, and access the project documentation. In addition, various reports will be available. These will include reports for outstanding work items, outstanding bug reports, test results, and many others. This added visibility should provide a much greater insight into the development process than what has previously been available.
Before I finish, I should make one point about extensibility. For organizations that have existing development processes already in place, Team System was designed to support customization. Team System was also designed with the idea that third-party companies would be able to integrate and extend it. Borland has already announced that they will be delivering a version of their CaliberRM requirements management tool that integrates with Team System. This fills a gap in the Microsoft product suite. If Team System doesn't meet all of your needs, however, be sure to look for the appropriate tools that integrate with and extend it.