Although you cannot get rid of changesets in TFS, you can easily roll back a change if something was mistakenly checked-in. This functionality used to be part of Team Foundation Power Tools, but it is now part of the regular TFS functionality, in command-line:
tf rollback /changeset:1234
There’s a bunch of parameters that you can specify, such as version to rollback to, date, workspace, etc. Just do tf rollback /? to see all the options.
After you run the command, you will still need to check-in your changes, and you will now see a “rollback” entry in history, so like I said, you really are not getting rid of your bad check-in, just getting things back to were they were before.