There is one main advantage of TFS over HP QC and it is reporting capability. This feature alone is enough not to use HP QC while making a selection for Project Management Tool.
HP QC has a web base configurable report that is very limited in terms of analytics operation that you may want to perform. It's very simplistic way of gaining an insight into Project Stats.
Combining SQL Reporting with TFS and providing several pre-build reports was a good idea. I am attaching a screen shot of such report for more detailed view.