Twisted Fate is one of the most flexible champions in the game due to his abilities. He has a beautiful Cc, an incredible AP, and built in attack speed with a passive magic damage which allows him to do a little extra damage while going attack speed, AD, or hybrid.

PROS

AD

Massive Dps
Not dependent on abilities
Looks awesome

Jungle

Can do any type of damage player wants
Free farm
Ult allows smooth ganks
Wonderful ks'er
Looks awesome

AP

Amazing burst
Clears minions like they're not even there
Can counter inexperienced tanks
Squishies stand no chance
Can become beefier though AP health items
Can semi-semi-tank
Can really piss off the other team just like any other AP mid

Hybrid

Can confused the living hell out of some people
Good at dealing two types of damage keeping enemies on check
Keeps Q useful, E buffed, and W is now hybrid

Tank

Pretty funny
Ridiculous
You can make fun of people for not being able to deal damage to TF
Assists central
A real team player
Finally a reason to go top with TF
Fun for people that love TF and tanking

CONS

AD

Needs proper farm
Needs to be closer to enemies than AP
Squishy

Jungle

Slower than laning
Can get counter jungled easily
Not the greatest at ganking unless you're good at TF
Can be dangerous if you don't know how to do it
There's a secret that makes it incredibly easy
From what I've seen, you need a good team
Far better with AD than with AP

AP

A lot of people want mid
Easily countered by other mids
Highly dependent on Q and W

Hybrid

Can be countered easily against experienced opponents
Somewhat harder

Tank

People that take normals way too seriously may get mad at you
Not exactly the best tank choice
Harder to tank than actual tanks
Far less kills
Way less damage
Dependent on W and Q

TANK

I myself don't really use runes, but I suggest MR scaling runes because of the lack of MR in the items. For the tank of course.

It's something I'm still trying to get right, along with support TF.

Still finishing, I just need to put it into words.