TFT is an abbreviation of Thin Film Transistor. TFT displays are very similar to the Liquid Crystal Displays (LCDs) that are used in most mobile devices today.
TFT Display Explained A TFT display consists of a thin layer of electronic components, including transistors and capacitors, deposited on a glass substrate. This thin layer is called a "thin film." Outside of the individual pixels, there are two additional layers: one contains the power and circuitry to control each pixel and another consists of wiring to route electrical signals from each pixel to other components on the display.
A TFT-LCD is typically lit up by cold cathode fluorescent lamps (CCFL) or an array of light-emitting diodes (LEDs). The LCD, therefore, does not require a backlight.
The transistor controls whether the light will pass through each pixel on the TFT Display. When activated, electric current flows between two electrodes that are positioned over and under each transistor. Because some electrodes are used for both powering and controlling, it's necessary to use just enough electric current to properly power the transistor, but not enough for it to switch states. The electrodes are activated with electric fields generated by the voltage supplied at each point on the display. Gray-scale value is determined by how long the components on the TFT Display are exposed to electric current and then how long they're exposed to no (or little) current.

TFT v. LCD

TFT-LCDs have a variety of advantages over their Liquid Crystal Display counterparts.
Most TFTs are laid out in a way that's very similar to the layout of LCDs, so they can be treated essentially as enhanced versions of standard LCDs. There are some significant benefits, however:
Performance. In most cases, TFT-LCDs are capable of performing better than standard LCDs, including faster response times and improved viewing angles. Some TFT-LCDs even include the ability to support high-end video features like 3D images, higher refresh rates, and wide color gamuts.
Colors. Because they use light-emitting components for backlighting (as opposed to CCFL or LED lights), TFT displays can be made much thinner than LCD panels that require traditional bulbs for illumination. This makes them especially attractive in laptops and other devices where space is at a premium.
Resolution. TFT screens offer resolutions that are just as good as those found on standard LCDs because every individual pixel on the screen consists of three sub-pixels: red, green, and blue. The full-color range of TFT screens is therefore the same as standard LCDs, first because there are more sub-pixels and second because they use all three color streams rather than just one.
Power Consumption. Because it's illuminated by light-emitting diodes or fluorescent lights rather than a traditional bulb, a TFT display uses significantly less power than an equivalent LCD screen that requires a bulky CCFL backlight to function properly. This results in longer battery life for laptops and other mobile devices that use TFT displays.
Projection. Some TFT Display panels can be laid down on top of existing liquid crystal (LCD) panels and used to project an image onto their surface. Because this process does not require a light source, it's possible to create bright images on an LCD screen in situations where they would otherwise be very difficult or impossible.
One of the disadvantages of TFT displays is that they're more expensive than standard LCDs because each pixel requires three separate transistors rather than just one. They also tend to be less energy efficient than standard LCDs, though this isn't typically enough of an issue for individual mobile devices to take advantage of it.

Conclusion

A TFT display, on the other hand, is of considerably higher quality than an ordinary LCD. It has a superior display in every way except for the price difference. The benefits of a TFT display are that it has faster response times, better viewing angles than an LCD screen. The cons of the TFT Display are that it costs more than an ordinary LCD screen and uses more power than an LCD screen does.
The final decision on whether to get a TFT or one with an ordinary LCD is largely dependent on your budget and what you're looking for in terms of performance versus cost. If your primary concern is price, then you'll almost certainly want to stick with an ordinary LCD panel, but if you're willing to spend extra cash on superior performance then there's no reason not to go for a TFT-LCD instead.