To be honest Twisted Fate lies solely on his Q and gold card. He gets caught easily and can't even escape very well. So why would you play him? Well. Twisted Fate is one of the rare champions who has a global ulty. This ulty can not only (if used right) change a team fight around but change the entire game. You may be thinking this is a little over dramatic but it actually isn't. Let's say the enemy is damaged from the last team fight and has killed most of your team or even aced you. Twisted Fates ult can teleport above the wall on baron on inside baron(depends if you like to die or not.) and get a kill, steal baron, or make you look like an idiot. Even so, theres always a chance of you getting lucky and since TF's ult is a short cd you can almost spam it when needed. His ult can really be used at anytime and can often be used to spot enemy dragoning, baroning, or stop a gank from happening. Speaking of ganks, twisted fates ulty plays a major factor in what happens with bot. Since tf's ulty can teleport a fair distance it is perfect for ganking bot lane. He can stay undetected by wards and since it reveals it allows allies to hit skillshots perfectly. Other than Tf's ulty he has his w. His W allows you to get back lost Mana(Blue card), slow enemy's(Red card), or stun them(Gold card). Early game Twisted Fate can be brutal for the enemy. Twisted fate's Flash, Gold card, Q combo can almost kill an enemy. If you are consistently hitting your Q and harassing the enemy the Flash, Gold card, Q combo can K.O them easily.

During the early period mid lanes tend to have low Magic Resist. If you take advantage of the pure AP runes with your q than you can have a pretty easy time of scaring away enemy champions and farming. The mana regen is optional even though TF has a mana regen ability it's still nice to regen some extra mana while in lane.

Late game and even mid game Twisted Fate can easily kill an entire wave with literally 1 q. Twisted Fates farm lies solely on his q. Although TF tends to run out of mana quite quickly he has a handy blue card to solve that problem.

-Pros
He can do heavy damage early game.
His ulty can reveal the entire enemy team.(Note: Banshee's Veil can cancel the visual effect of his ulty.)
He can potentially have a significant amount of cc.
-Cons
He is slow, squishy, and has a hard time escaping.
Can fall off heavily late game unless fed.
Requires the upmost attention and fast reflexes for his abilities.