(This post is just for documentation purposes). Mr. Ericson at Microsoft has been a valuable help to me trying to figure out what is wrong with the deployment of my adapter. I really appreciate that he's taking his time trying to help me. I haven't made any progress though. I tried what Mr. Ericson suggested me to do the following shown in this thread.

Here's a summary of what has been done and what exceptions I get.

I removed the adapter, and reverted the schema changes:

C:\Program Files\Microsoft Visual Studio 2008 Team Foundation Server\Tools>SetupWarehouse -rebuild -v -o -s ORCASBETA2_TFSV -d TfsWarehouse -c warehouseschema.xml -a ORCASBETA2_TFS
V\TFSSERVICE -ra ORCASBETA2_TFSV\TFSREPORT -mturl http://orcasbeta2_tfsv:8080 -l log.txt
SetupWarehouse: Warehouse updated successfully.

C:\Program Files\Microsoft Visual Studio 2008 Team Foundation Server\Tools>

I processed the warehouse by going to http://localhost:8080/Warehouse/v1.0/warehousecontroller.asmx and choosing Run. I got these information (not error) messages in the Event Viewer:

Warehouse controller application stopped.
The application is being shutdown for the following reason: BinDirChangeOrDirectoryRename
For more information, see Help and Support Center at http://go.microsoft.com/fwlink/events.asp.

and

Warehouse controller application started.
For more information, see Help and Support Center at http://go.microsoft.com/fwlink/events.asp.
Went to this page you told me about: http://localhost:8080/Warehouse/v1.0/tftrace.aspx?All=Verbose.

This gave me just a blank page (I suppose that it is not supposed to show anything special like a confirmation message or anything?). Launched DbgView and went to the warehousecontroller.asmx page again and chose Run. I still get the same sql error messages in Event Viewer about not finding the 'Team Project' column:

Event Type:    Error
Event Source:    TFS Warehouse
Event Category:    None
Event ID:    3000
Date:        12/20/2007
Time:        2:04:38 AM
User:        N/A
Computer:    ORCASBETA2_TFSV
Description:
TF53010: The following error has occurred in a Team Foundation component or extension:
Date (UTC): 12/20/2007 10:04:38 AM
Machine: ORCASBETA2_TFSV
Application Domain: /LM/W3SVC/1747463155/Root/Warehouse-7-128426185442245744
Assembly: Microsoft.TeamFoundation.Warehouse, Version=9.0.0.0, Culture=neutral, PublicKeyToken=b03f5f7f11d50a3a; v2.0.50727
Process Details:
  Process Name: w3wp
  Process Id: 2596
  Thread Id: 1316
  Account name: ORCASBETA2_TFSV\TFSSERVICE
Detailed Message: TF51209: A run-time error System.Data.SqlClient.SqlException: Invalid column name 'Team Project'.
Invalid column name 'Team Project'.
   at System.Data.SqlClient.SqlConnection.OnError(SqlException exception, Boolean breakConnection)
   at System.Data.SqlClient.SqlInternalConnection.OnError(SqlException exception, Boolean breakConnection)
   at System.Data.SqlClient.TdsParser.ThrowExceptionAndWarning(TdsParserStateObject stateObj)
   at System.Data.SqlClient.TdsParser.Run(RunBehavior runBehavior, SqlCommand cmdHandler, SqlDataReader dataStream, BulkCopySimpleResultSet bulkCopyHandler, TdsParserStateObject stateObj)
   at System.Data.SqlClient.SqlCommand.FinishExecuteReader(SqlDataReader ds, RunBehavior runBehavior, String resetOptionsString)
   at System.Data.SqlClient.SqlCommand.RunExecuteReaderTds(CommandBehavior cmdBehavior, RunBehavior runBehavior, Boolean returnStream, Boolean async)
   at System.Data.SqlClient.SqlCommand.RunExecuteReader(CommandBehavior cmdBehavior, RunBehavior runBehavior, Boolean returnStream, String method, DbAsyncResult result)
   at System.Data.SqlClient.SqlCommand.InternalExecuteNonQuery(DbAsyncResult result, String methodName, Boolean sendToPipe)
   at System.Data.SqlClient.SqlCommand.ExecuteNonQuery()
   at Microsoft.TeamFoundation.Warehouse.WarehouseSchemaCreator.SqlExecuteNonQuery(SqlCommand cmd)
   at Microsoft.TeamFoundation.Warehouse.WarehouseSchemaCreator.CreatePrc_Fact_X_AddUpdate(SqlConnection cn, SqlTransaction tr)
   at Microsoft.TeamFoundation.Warehouse.WarehouseSchemaCreator.CreateStoredProcedures(SqlConnection cn, SqlTransaction tr)
   at Microsoft.TeamFoundation.Warehouse.WarehouseSchemaCreator.ProcessNewConfig(WarehouseConfig config)
   at Microsoft.TeamFoundation.Warehouse.AdapterDataStore.Add(WarehouseConfig newConfig)
   at CodeMetricsAdapter.CMAdapter.MakeSchemaChanges()
   at Microsoft.TeamFoundation.Warehouse.AdapterWrapper.MakeSchemaChanges() occurred on adapter CodeMetricsAdapter.CMAdapter.
For more information, see Help and Support Center at http://go.microsoft.com/fwlink/events.asp.

(and I get the other one too) :

TF53010: The following error has occurred in a Team Foundation component or extension:
Date (UTC): 12/20/2007 10:04:38 AM
Machine: ORCASBETA2_TFSV
Application Domain: /LM/W3SVC/1747463155/Root/Warehouse-7-128426185442245744
Assembly: Microsoft.TeamFoundation.Warehouse, Version=9.0.0.0, Culture=neutral, PublicKeyToken=b03f5f7f11d50a3a; v2.0.50727
Process Details:
  Process Name: w3wp
  Process Id: 2596
  Thread Id: 1316
  Account name: ORCASBETA2_TFSV\TFSSERVICE
Detailed Message: Schema change failed. \r\nConfig:\r\n<?xml version="1.0" encoding="utf-16"?>
<WarehouseConfig xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema">
  <Facts>
    <Fact>

[... more xml but nothing on my fact Code Metrics ... ]

This is really annoying since I do not make any SQL query at all asking for any 'Team Project' column. It should work, shouldn't it?

DebugView didn't really give me any more information (or perhaps someone may be able to read something helpful from this log):

00000000    2:04:08 AM    [2596] [DW] [Info, PID 2596, TID 284, 10:04:08.744] Application Request Processing Started    
00000001    2:04:08 AM    [2596] [DW] [Verbose, PID 2596, TID 284, 10:04:08.744] Request authentication type: NTLM    
00000002    2:04:09 AM    [2596] [DW] [Info, PID 2596, TID 284, 10:04:09.686] Application Request Processing Ended    
00000003    2:04:27 AM    [2596] [DW] [Info, PID 2596, TID 1316, 10:04:27.882] Application Request Processing Started    
00000004    2:04:27 AM    [2596] [DW] [Verbose, PID 2596, TID 1316, 10:04:27.882] Request authentication type: NTLM    
00000005    2:04:27 AM    [2596] [DW] [Info, PID 2596, TID 1316, 10:04:27.992] Application Request Processing Ended    
00000006    2:04:34 AM    [2596] [DW] [Info, PID 2596, TID 1316, 10:04:34.692] Application Request Processing Started    
00000007    2:04:34 AM    [2596] [DW] [Verbose, PID 2596, TID 1316, 10:04:34.692] Request authentication type: NTLM    
00000008    2:04:35 AM    [2596] [DW] [Info, PID 2596, TID 1316, 10:04:35.333] Application Request Processing Ended    
00000009    2:04:35 AM    [2596] [DW] [Info, PID 2596, TID 1316, 10:04:35.333] ProcessWarehouse entered.    
00000010    2:04:35 AM    [2596] [DW] [Info, PID 2596, TID 1316, 10:04:35.343] Starting run on Adapter CodeMetricsAdapter.CMAdapter.    
00000011    2:04:38 AM    [2596] [DW] [Error, PID 2596, TID 1316, 10:04:38.137] Schema change failed. \r\nConfig:\r\n<?xml version="1.0" encoding="utf-16"?>    
00000012    2:04:38 AM    [2596] <WarehouseConfig xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema">    
00000013    2:04:38 AM    [2596]   <Facts>    
00000014    2:04:38 AM    [2596]     <Fact>    
00000015    2:04:38 AM    [2596]       <Name>Code Churn</Name>    
00000016    2:04:38 AM    [2596]       <FriendlyName>Code Churn</FriendlyName>    
00000017    2:04:38 AM    [2596]       <PerspectiveName>Code Churn</PerspectiveName>    
00000018    2:04:38 AM    [2596]       <IncludeCountMeasure>true</IncludeCountMeasure>    
00000019    2:04:38 AM    [2596]       <Fields>    
00000020    2:04:38 AM    [2596]         <Field>    
00000021    2:04:38 AM    [2596]           <Name>Lines Added</Name>    
00000022    2:04:38 AM    [2596]           <FriendlyName>Lines Added</FriendlyName>    
00000023    2:04:38 AM    [2596]           <Type>int</Type>    
00000024    2:04:38 AM    [2596]           <Length>0</Length>    
00000025    2:04:38 AM    [2596]           <Visible>true</Visible>    
00000026    2:04:38 AM    [2596]           <AggregationFunction>Sum</AggregationFunction>    
00000027    2:04:38 AM    [2596]           <RelationalOnly>false</RelationalOnly>    

..................

00000734    2:04:38 AM    [2596]           <UseName>Changed By</UseName>    
00000735    2:04:38 AM    [2596]           <FriendlyUseName>Changed By</FriendlyUseName>    
00000736    2:04:38 AM    [2596]           <DimensionName>Person</DimensionName>    
00000737    2:04:38 AM    [2596]           <RelationalOnly>false</RelationalOnly>    
00000738    2:04:38 AM    [2596]         </DimensionUse>    
00000739    2:04:38 AM    [2596]         <D   
00000740    2:04:38 AM    [2596] imensionUse>    
00000741    2:04:38 AM    [2596]           <UseName>Creat   
00000742    2:04:38 AM    [2596] [DW] [Error, PID 2596, TID 1316, 10:04:38.157] TF51209: A run-time error System.Data.SqlClient.SqlException: Invalid column name 'Team Project'.    
00000743    2:04:38 AM    [2596] Invalid column name 'Team Project'.    
00000744    2:04:38 AM    [2596]    at System.Data.SqlClient.SqlConnection.OnError(SqlException exception, Boolean breakConnection)    
00000745    2:04:38 AM    [2596]    at System.Data.SqlClient.SqlInternalConnection.OnError(SqlException exception, Boolean breakConnection)    
00000746    2:04:38 AM    [2596]    at System.Data.SqlClient.TdsParser.ThrowExceptionAndWarning(TdsParserStateObject stateObj)    
00000747    2:04:38 AM    [2596]    at System.Data.SqlClient.TdsParser.Run(RunBehavior runBehavior, SqlCommand cmdHandler, SqlDataReader dataStream, BulkCopySimpleResultSet bulkCopyHandler, TdsParserStateObject stateObj)    
00000748    2:04:38 AM    [2596]    at System.Data.SqlClient.SqlCommand.FinishExecuteReader(SqlDataReader ds, RunBehavior runBehavior, String resetOptionsString)    
00000749    2:04:38 AM    [2596]    at System.Data.SqlClient.SqlCommand.RunExecuteReaderTds(CommandBehavior cmdBehavior, RunBehavior runBehavior, Boolean returnStream, Boolean async)    
00000750    2:04:38 AM    [2596]    at System.Data.SqlClient.SqlCommand.RunExecuteReader(CommandBehavior cmdBehavior, RunBehavior runBehavior, Boolean returnStream, String method, DbAsyncResult result)    
00000751    2:04:38 AM    [2596]    at System.Data.SqlClient.SqlCommand.InternalExecuteNonQuery(DbAsyncResult result, String methodName, Boolean sendToPipe)    
00000752    2:04:38 AM    [2596]    at System.Data.SqlClient.SqlCommand.ExecuteNonQuery()    
00000753    2:04:38 AM    [2596]    at Microsoft.TeamFoundation.Warehouse.WarehouseSchemaCreator.SqlExecuteNonQuery(SqlCommand cmd)    
00000754    2:04:38 AM    [2596]    at Microsoft.TeamFoundation.Warehouse.WarehouseSchemaCreator.CreatePrc_Fact_X_AddUpdate(SqlConnection cn, SqlTransaction tr)    
00000755    2:04:38 AM    [2596]    at Microsoft.TeamFoundation.Warehouse.WarehouseSchemaCreator.CreateStoredProcedures(SqlConnection cn, SqlTransaction tr)    
00000756    2:04:38 AM    [2596]    at Microsoft.TeamFoundation.Warehouse.WarehouseSchemaCreator.ProcessNewConfig(WarehouseConfig config)    
00000757    2:04:38 AM    [2596]    at Microsoft.TeamFoundation.Warehouse.AdapterDataStore.Add(WarehouseConfig newConfig)    
00000758    2:04:38 AM    [2596]    at CodeMetricsAdapter.CMAdapter.MakeSchemaChanges()    
00000759    2:04:38 AM    [2596]    at Microsoft.TeamFoundation.Warehouse.AdapterWrapper.MakeSchemaChanges() occurred on adapter CodeMetricsAdapter.CMAdapter.    
00000760    2:04:38 AM    [2596] [DW] [Info, PID 2596, TID 1316, 10:04:38.157] Skipping data for adapter CodeMetricsAdapter.CMAdapter since it failed to process schema changes    
00000761    2:06:21 AM    [1656] ReportingServicesService!library!3!12/20/2007-02:06:21:: i INFO: Cleaned 0 batch records, 0 policies, 0 sessions, 0 cache entries, 0 snapshots, 0 chunks, 0 running jobs, 0 persisted streams    
00000762    2:15:49 AM    [2596] [DW] [Info, PID 2596, TID 1316, 10:15:49.642] Application Request Processing Started    
00000763    2:15:49 AM    [2596] [DW] [Verbose, PID 2596, TID 1316, 10:15:49.642] Request authentication type: NTLM    
00000764    2:15:49 AM    [2596] [DW] [Info, PID 2596, TID 1316, 10:15:49.692] Application Request Processing Ended    
00000765    2:15:49 AM    [2596] [DW] [Info, PID 2596, TID 1316, 10:15:49.692] ProcessWarehouse entered.    
00000766    2:15:49 AM    [2596] [DW] [Info, PID 2596, TID 436, 10:15:49.692] Application Request Processing Started    
00000767    2:15:49 AM    [2596] [DW] [Verbose, PID 2596, TID 436, 10:15:49.692] Request authentication type: NTLM    
00000768    2:15:49 AM    [2596] [DW] [Info, PID 2596, TID 1316, 10:15:49.702] Starting run on Adapter CodeMetricsAdapter.CMAdapter.    
00000769    2:15:51 AM    [2596] [DW] [Error, PID 2596, TID 1316, 10:15:51.685] Schema change failed. \r\nConfig:\r\n<?xml version="1.0" encoding="utf-16"?>    
00000770    2:15:51 AM    [2596] <WarehouseConfig xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema">    
00000771    2:15:51 AM    [2596]   <Facts>    
00000772    2:15:51 AM    [2596]     <Fact>    
00000773    2:15:51 AM    [2596]       <Name>Code Churn</Name>    
00000774    2:15:51 AM    [2596]       <FriendlyName>Code Churn</FriendlyName>    
00000775    2:15:51 AM    [2596]       <PerspectiveName>Code Churn</PerspectiveName>    
00000776    2:15:51 AM    [2596]       <IncludeCountMeasure>true</IncludeCountMeasure>    
00000777    2:15:51 AM    [2596]       <Fields>    
00000778    2:15:51 AM    [2596]         <Field>    
00000779    2:15:51 AM    [2596]           <Name>Lines Added</Name>    
00000780    2:15:51 AM    [2596]           <FriendlyName>Lines Added</FriendlyName>    
00000781    2:15:51 AM    [2596]           <Type>int</Type>    
00000782    2:15:51 AM    [2596]           <Length>0</Length>    
00000783    2:15:51 AM    [2596]           <Visible>true</Visible>    
00000784    2:15:51 AM    [2596]           <AggregationFunction>Sum</AggregationFunction>    
00000785    2:15:51 AM    [2596]           <RelationalOnly>false</RelationalOnly>    
00000786    2:15:51 AM    [2596]           <CalculatedMembers />    

.........

00001498    2:15:51 AM    [2596] imensionUse>    
00001499    2:15:51 AM    [2596]           <UseName>Creat   
00001500    2:15:51 AM    [2596] [DW] [Error, PID 2596, TID 1316, 10:15:51.695] TF51209: A run-time error System.Data.SqlClient.SqlException: Invalid column name 'Team Project'.    
00001501    2:15:51 AM    [2596] Invalid column name 'Team Project'.    
00001502    2:15:51 AM    [2596]    at System.Data.SqlClient.SqlConnection.OnError(SqlException exception, Boolean breakConnection)    
00001503    2:15:51 AM    [2596]    at System.Data.SqlClient.SqlInternalConnection.OnError(SqlException exception, Boolean breakConnection)    
00001504    2:15:51 AM    [2596]    at System.Data.SqlClient.TdsParser.ThrowExceptionAndWarning(TdsParserStateObject stateObj)    
00001505    2:15:51 AM    [2596]    at System.Data.SqlClient.TdsParser.Run(RunBehavior runBehavior, SqlCommand cmdHandler, SqlDataReader dataStream, BulkCopySimpleResultSet bulkCopyHandler, TdsParserStateObject stateObj)    
00001506    2:15:51 AM    [2596]    at System.Data.SqlClient.SqlCommand.FinishExecuteReader(SqlDataReader ds, RunBehavior runBehavior, String resetOptionsString)    
00001507    2:15:51 AM    [2596]    at System.Data.SqlClient.SqlCommand.RunExecuteReaderTds(CommandBehavior cmdBehavior, RunBehavior runBehavior, Boolean returnStream, Boolean async)    
00001508    2:15:51 AM    [2596]    at System.Data.SqlClient.SqlCommand.RunExecuteReader(CommandBehavior cmdBehavior, RunBehavior runBehavior, Boolean returnStream, String method, DbAsyncResult result)    
00001509    2:15:51 AM    [2596]    at System.Data.SqlClient.SqlCommand.InternalExecuteNonQuery(DbAsyncResult result, String methodName, Boolean sendToPipe)    
00001510    2:15:51 AM    [2596]    at System.Data.SqlClient.SqlCommand.ExecuteNonQuery()    
00001511    2:15:51 AM    [2596]    at Microsoft.TeamFoundation.Warehouse.WarehouseSchemaCreator.SqlExecuteNonQuery(SqlCommand cmd)    
00001512    2:15:51 AM    [2596]    at Microsoft.TeamFoundation.Warehouse.WarehouseSchemaCreator.CreatePrc_Fact_X_AddUpdate(SqlConnection cn, SqlTransaction tr)    
00001513    2:15:51 AM    [2596]    at Microsoft.TeamFoundation.Warehouse.WarehouseSchemaCreator.CreateStoredProcedures(SqlConnection cn, SqlTransaction tr)    
00001514    2:15:51 AM    [2596]    at Microsoft.TeamFoundation.Warehouse.WarehouseSchemaCreator.ProcessNewConfig(WarehouseConfig config)    
00001515    2:15:51 AM    [2596]    at Microsoft.TeamFoundation.Warehouse.AdapterDataStore.Add(WarehouseConfig newConfig)    
00001516    2:15:51 AM    [2596]    at CodeMetricsAdapter.CMAdapter.MakeSchemaChanges()    
00001517    2:15:51 AM    [2596]    at Microsoft.TeamFoundation.Warehouse.AdapterWrapper.MakeSchemaChanges() occurred on adapter CodeMetricsAdapter.CMAdapter.    
00001518    2:15:51 AM    [2596] [DW] [Info, PID 2596, TID 1316, 10:15:51.705] Skipping data for adapter CodeMetricsAdapter.CMAdapter since it failed to process schema changes    
00001519    2:15:51 AM    [2596] [DW] [Info, PID 2596, TID 436, 10:15:51.735] Application Request Processing Ended    
00001520    2:16:21 AM    [1656] ReportingServicesService!library!3!12/20/2007-02:16:21:: i INFO: Cleaned 0 batch records, 0 policies, 0 sessions, 0 cache entries, 0 snapshots, 0 chunks, 0 running jobs, 0 persisted streams    
00001521    2:26:21 AM    [1656] ReportingServicesService!library!3!12/20/2007-02:26:21:: i INFO: Cleaned 0 batch records, 0 policies, 0 sessions, 0 cache entries, 0 snapshots, 0 chunks, 0 running jobs, 0 persisted streams

I'm out on advice here. Mr. König, my supervisor, said he will try to install the adapter on the 2005 version of the VPC. It may be some differences between the 2008 and 2005 version which causes these problems. We shall see what his results will be from that try. Meanwhile I will try to fix this on the 2008 version, somehow...