Pros

Great long range nuke on a 4-5 second cooldown
Great targeted stun on a 4-5 second cooldown
Has his own source of mana regen.
Great mobility with his ult.
Easy kill pickup
With good aim can out harass anyone
In My Opinion TF is the best Solomid in the game.

Cons

Squishy
Telegraphs his stun which takes a second to pick the card.
heavily position reliant
once cooldowns are blown can't do much for 4-5 seconds
runs out of mana fast in fights

A 9/0/21 build for Masteries is the standard caster build and as we're building TF as a caster this is the best mastery setup providing mana regen, CDR, Mpen, Buff Duration and Summoner spell CDR.

I start with a basic boots and 3 pots because I value the closing power the boots provide. You are either faster or equal speed to whomever you're facing in lane. You close the gap to them, Gold Card then Wild Cards then run away. Rinse and repeat, they can't counter it because they're too slow. Also 3 potions give you 600 bonus health in the stage in the game where you will be the weakest against harass.
I next get Sheen to provide a bunch of bonus damage to your Pick a Cards. Also It is a key component of Lich Bane which is your most important item.
Next I finish my sorc shoes. There really is no "perfect" time to do this I just pick it now as chances are many champions still have between 20-30 Mres and the 20 Mpen from this item is deadly. Also I value getting move speed early on in the game.
There is no point to getting Lich Bane before your AP is higher than your AD so I next get Needlessly Large Rod to boost Wild Card damage and to make Lich Bane's passive more effective then Sheen's.
Lich Bane comes next. By the end of the game you should have ~500 AP which means that with Lich Bane you'll do an additional 500 magic damage on your Pick a Card. Lich Bane is a no-brainer to pick up.
Now it is time to skyrocket your AP and there is no better item to do this with than Rabadon's Deathcap. You already have the NL Rod built and so 2000 more gold and you're around 300 AP, nice.
I build Zhonya's hourglass next because it provides a ton of AP as well as some armor which you desperately need. You already got Mres from Lich bane and will get more from Abyssal Scepter but the combination of high AP with a large amount of armor means you can't pass this item by.
Abyssal scepter and Haunting Guise can be built in any order but chances are you want the Scepter first as it also provides Mres and the aura helps your team out. Haunting guise provides more Mpen which is godly on TF and health which bulks you up a bit. The AP is incidental by this point.

Early Game you need the harass from Wild Cards to keep enemies off your back, but you also want the stun component of Pick a Card at level 1 for those early team fights. I pick up stacked deck at level 4 because its nice to have and you cant pick a Wild Card level at that slot. Max Wild Cards first but don't really use them for harassing until the skill is at level 2 as it doesn't do much damage and wastes tons of mana. Max Pick a Card next for increased damage and stun duration. Then max Stacked Deck as it isn't as useful as the others. Increase destiny at 6,11,16 as normal.

In Lane use Blue card on minions every time it comes up as this will keep your mana at full. The range on Wild Cards is godly harass the enemy from where they can't harass you back.

Flash is a must have for Twisted Fate because he telegraphs his stun which means that anyone with half a mind will run away. Lock Gold Card flash near them and stun them following that up wit a Wild Cards and an ignite if you have it.

Teleport increase mobility in getting back to lane and defending towers. With the range decrease on his ult, teleport really allows him to be as mobile as he was before.

Ignite is my other favorite second summoner spell for TF as it can finish off a target who you've stunned and wild carded. The second summoner spell is your choice between Teleport and ignite.

Ghost and Exhaust are okay substitutions I guess but not as good as the above. Ghost doesn't allow for surprise stuns as they get a second of warning and exhaust is even worse as if you are close enough to exhaust them stun them instead.

Clarity might seem necessary after your first couple games but when you learn to control your mana supply with Blue Card it is completely unnecessary. Pick it up if your having problems with mana but try to substitute it for something else later.

I can't think of any other Summoners that are anywhere near good for TF.