In TFS 2012, Microsoft introduced a new web-based portal that includes Product and Sprint backlogs to manage your work. In TFS 2013, Microsoft introduced the ability to manage your portfolio by adding a configurable hierarchy that allows you prioritize and manage Features and their related stories or requirements. The features that you see in TFS 2013 (and more) is available in Visual Studio Online. You are able to create custom Work Item Types and add them to your hierarchy, which gives you visibility at a higher level. By creating multiple Teams within a Team Project, you can manage effort across your entire development organization. You can use TFS’s Tagging functionality to filter and query through your entire hierarchy.
Here you can see a backlog that shows the full hierarchy from Feature to Product Backlog Items and child Tasks. It also includes Tags on each work Item, which you can use to filter the backlog: