I think a great team would involve 3 late game beasts (Tristana, Karthus, and a tank), followed by TF jungler and Zilean support. Also, TF's ult can be used to pop spell shields in order for Karthus's ult to go off

Can anyone share their opinion with me?

I usually build tf with the ff:

Mobility

DFG

rabba

lich

liandry's

GA/Zhonya/void staff

the order is : guise --> mobility --> lichbane --> deathcap/ DFG(I usually go dfg first for burst then DC) -->(depends upon the situation)

I update to liandr'y when I notice the tanks are starting to be a problem.

(please be nice to me)  =)))

Hmm...here are a few points I'd like to make :)

1. Mobility boots would usually be for someone like Evelynn who could use the massive movement speed boost to take full advantage of her invisibility and walk across the entire map unnoticed. TF doesn't need to walk that far to use his ult, and his damage is quite bursty, so sorc boots are more helpful overall.

2. Now I know I said his dmg is on the bursty side, but his playstyle isn't 100% compatible with DFG. If you're fed and really far ahead, it'll probably be that extra boost you need to laugh and 1-shot a person, but in most other cases, you're wasting the 4 seconds of amplified magic dmg from the active (since your burst only happens in the first second). Unlike Veigar, Ahri, etc (basically, champions who would love to go 1-on-1) TF really shines when you have teammates to abuse your gold card spam. 

3. Guise is a strong item, but it's not as good on TF. Throughout the game, you want to end up doing one of two things: either spam cards from the backline, or gank 2-on-1 / 3-on-2. The health wouldn't be critical to your survival. Take someone like Elise, for instance. The reason why she is a great champion for Guise is:
           - Her ratios aren't the best
           - She likes to get up close and personal
           - Her dmg is mainly based on %health, so rushing AP is not required
  TF, on the other hand, really loves AP. Rushing Sheen or Rod is more preferable. After all, what's the point of having a ton of magic pen if your skills have no damage to begin with?

4. That said, Liandry's could be a really good item on him endgame during those half hour standoffs, but I don't like that you have it listed before Zhonya's and Void. Zhonya's gives him a ton of helpful stats: survivability, MOAR AP, a get-out-of-jail card (no pun intended) in case you teleport into trouble or they dive for your throat (remember, you have no spammable escapes). I typically rush this item after Lich + Raba unless the enemy team has a decent amount of MR. In the aforementioned case, you should go for Void Staff (which would do a lot more for your damage than the burn from Liandry's). 

Boots of Mobility? MS quintessences and rushed Sorceror Shoes, ontop of your ultimate, should let you catch everyone. 

Lich Bane should virtually always be your first major item, followed by DFG or Deathcap. I prefer Deathcap because TF's Wild Cards are potent AOE.

I find it hard to justify Liandry on TF, due to the lack of a DOT or reliable slow spell (aside from Red Card). Even with Rylai's Crystal Scepter, it's a bit clunky. (I've just been stacking more AP. But I guess if your opponents are stacking HP, it works out.)

Thanks for your comment. I have the same rune set as this guide ( coincidence ) that is why I go mobility. Plus Mobility helps me chase down better after I gate in since they tend to run away when I use my SS. Anywaysss....... Thanks and I will really consider what you have said 

If you have to choose, Boots of Swiftness should be your choice, since you have no problem closing on a target, and since you're lane-based, out-of-combat mobility is not that important.

But yeah, my core is Chalice, Sorc Shoes, Lich Bane, and Deathcap. You can get Liandry and Rylai after that. (Either skip the Grail or get it. You also have the option of getting Pick for Will of the Ancients or Twin Shadows.)

Why not build a Chalice of Harmony instead of double Doran's Rings?

It's a little cheaper and gives more mana sustain.

Also, in mid, the magic resist you get from it increases your effective HP against another mid anyways (haven't done the math but probably more than 160).

Of course, you may not want to buy Athene's later on unless your on a poke team composition or something, but i think it sells for more than the two Doran's Ring's sell for anyways.

Admittedly, I still buy the double Doran's out of habit, but what does everyone else think?

EDIT: I missed the 30 AP you get from double Doran's. That could be another factor in a debate. Idk..

Dorans ring is for champions that want some mana sustain but do not want to buy Grail. As TF you want to get your burst quickly so lich bane and rabadons/zhonyas are priority pickups, athenes just doesnt fit into his build. He already has mana sustain because of blue card, he can get more AP and MR from abbyssal scepter and doesnt benefit that much from CDR as the only long cooldown is his ult. If you want the combination of AP and MR athenes provides Abbyssal scepter is what you need. 

Could nocturne possibly be a counter? Since he has a spell shield and his ultimate can cancel out Twisted Fate's. I know hes not a hard counter.

Can TF's ult counter Nocturne's if cast after?

Anyone tried out an MPen build getting a haunting guise, abyssal early? 

Twisted Fate doesn't benefit too much from MPen early on. He wants that AP for his Pick a Card + Lich Bane combo. =\

My item preferences are:

2x Faerie Charm + 3 Health Potion -> Chalice of Harmony -> Sorceror's Shoes -> Lich Bane -> Rabadon's Deathcap -> Athene's Unholy Grail -> Alacrity Enchantment

-This is just the core.
-I get Chalice over Doran's Rings now because of it many upgrades it has received. The recipe is easier to work with, and it can now upgrade to Grail, which is a great item that brings you to 39% CDR once you finish leveling E. It makes you a poking machine later on.
-I get Lich Bane before Deathcap now because the math makes sense.

After this, you have a choice for your last two items. If they are accumulating MR, then get Void Staff and Zhonya's Hourglass. Otherwise, get Zhonya's Hourglass and Will of the Ancients are a good combination for durability.

(Updated 2/21/13)

considering that his core is lich bane/rabadon's, which both scale with AP, Twisted Fate benefits from gaining AP at all levels, while magic penetration is more relevant late game. Void staff, boots, and runes/masteries are enough.

His base damages are not that high, so mpen build doesnt work out. He also wants to get burst over tankiness early.