I keep forgetting this option in the team system powertools. The rollback command undoes all change sets to a specific point, this is done by reverting the changes. That is it checks out the files and changes them to specified version, deletes new files etc. As such it doesn’t actually Undo, but it helps you create a rollback for a specified change set.
Just needed it, so its nice to have as a option.
And you are presented with a ui to select which change sets to rollback.