With Team Foundation Server 2012 the licensing became way easier, in order to have a clearer path of adoption for the involved features. One big example of that is the new Web Access.
The new Team Web Access now features three levels of information access, dependent on the CAL you have:
These three levels exposes a different set of information to the user.
A user acceding the Web Access with a Limited Access level is roughly the same as the old Work Item Only View in Team System Web Access, so the user can access to what belongs to him without the need of a CAL.
The Standard level is for who has access to Visual Studio 2012 Professional, and it adds all the standard Web Access features plus the Agile Boards introduced with the 2012 release.
The Full level is for who has access to Visual Studio 2012 Premium and above, it enables every feature of the Web Access, so the Backlog Management Tools, the Feedback Management and – with the Update 2 – the Web Test Case Management.