TFS and Scrum - Best Practice configuration for Areas, Iterations, backlog iteration, sprint iteration

This set of questions tries to elicit a best practice answer on how to setup TFS 2012 Areas and Iterations with Scrum 2.

Context: We've been using Team System since TFS 2005 and had initially created a Team Project for each product we have and then used MSF 4.2 process template which we eventually tweaked slightly (only added a few fields to some work item types).

Roll forward to present day and we now run TFS 2012 and VS 2012. Taking into account past experiences and community feedback we will move to a single Team Project and Scrum 2.1 and then use areas to separate products and teams. The following links make good reading for this approach:

• http://blog.hinshelwood.com/when-should-i-use-areas-in-tfs-instead-of-team-projects-in-team-foundation-server-2010/
• TFS Areas, Optimal Definition and Configuration
• Team Foundation Server - Area / Iteration

A typical layout we plan to applying for areas would be along these lines:

-> Team Project (Area root)
 |--> Client A (This is also out team boundary - ie. we have a TFS Team for Client A)
    |---> Product A
    |   |---> Feature Area 1
    |   |---> Feature Area 2
    |   |---> Feature Area 3
    |
    |---> Product B
    |   |---> Feature Area 1
    |   |---> Feature Area 2
    |
    | (ETC)

 |--> Client B (This is also out team boundary - ie. we have another TFS Team for Client B)
    |---> Product C
    |   |---> Feature Area 1
    |   |---> Feature Area 2
    |
    | (ETC)

Conceptually we are pretty happy