Well, here's a quick rundown from my point of view:
TSE
===
Pros:
- Comes with a full game engine, if your purposes are game-related, this is good.
- Comes with some exceedingly crazy netcode.
- Supports shaders (this one is a no duh)
- A LOT of gamecode is built for you, this is very good, and depending on your skill level, this will cut your development time significantly.
Cons:
- C++ only, unless you want to learn their own little TorqueScript language. Eww.
- Seems unecessarily geared towards big-outdoor FPSes. Doing another genre will require an insane amount of source modification.
- Lack of basic features - last time I checked there wasn't even lightmap support unless you buy a 3rd-party code "upgrade"
- Convoluted art pipeline - your artists will hate you

- From what I've seen, slower than TV, but this is a qualitative statement, I have not benched the two together.
TV3D (I'm talking 6.5, since that's the one I play with most often)
===
Pros:
- Insanely fast.
- Usable in multiple languages (VB6, Delphi, VB.NET, C#, C++...)
- Clean structure makes it easier to understand and pick up
- Supports a lot of common features transparently. Lightmaps, for example, require NO work on your part to support.
- Phenomenal support. With how many engines can you contact the devs directly, and talk to them in chat?
Cons:
- No netcode/media engine yet - that will come later
- No game engine to wrap it around - this is only a con if you're doing an big-outdoor FPS

, since Torque, IMHO, is just as weak with any OTHER type of application.
- Lacks the "proven" track record that Torque carries.
- No source code with engine - but for this price, can you expect it?