We quantify the multiplexing-diversity tradeoff of a multiple-input multiple-output (MIMO) system, when the channel state information (CSI) is known perfectly at the receiver and partially at the transmitter. The partial knowledge of CSI at the transmitter consists of the quantized value of one of the eigenvalues and perfect knowledge of eigenvectors of the channel matrix. The key result is that while multiplexing gain cannot be increased beyond minimum number of transmit and receive antennas, diversity order for each multiplexing gain can be substantially increased by using only a few bits of feedback at the transmitter. For example, with 1 bit of feedback in a 2x3 system, for multiplexing gains of 0, 1, and 2, diversity gains of 42, 6, and 2 can be achieved, respectively. Thus, while the tradeoff between diversity advantage and multiplexing gain is still present, its behavior is significantly changed by channel knowledge at the transmitter. The major reason for this different tradeoff can be attributed to addition of long-term power control, which allows the transmitter to switch between modes for reducing outage and increasing throughput based on signal to noise ratio along different eigenvalues.