Truespace is fine. Mappings a pain granted. But thats what lithunwrap is for. I've got an old version of max r4 and i find starting the basic geometries of a model easier in ts believe it or not. But i was reared on ts since 2.0 so i'm biased i guess
TS is
not fine.

As Nuke has said, it's basically a primitive modeller. It becomes unbelievably difficult to model shapes in TS that go beyond a collection of primitives. As such, the majority of TS (ESPECIALLY those from 3.2) models I've seen around here have been just that - a collection of primitives that have been modified to differing degrees. (Though obviously there are exceptions)
Detail that is piss easy to add to an object in just about any other modelling program becomes tedious and ungainly in TS. For example, try and approximate
this technique here in TS. It's a very powerful and flexible ability to be able to go from a 2d outline to a full blown 3d mesh, and TS really really sucks at it. Closest I've seen anyone get so far is
this.
UV mapping is really awkward compared to just about anything else as well, and for me the thing has crashed more times than every other program I've ever used combined. Undo works for only some operations, if there are shortcut keys to operations then I've never seen any evidence of them. View controls are gumby and hard to use, fixing simple geometry errors like split verticies in the model is nigh impossible and there are so many other things wrong with it that I could go on for hours.

The two good things about it in my opinion are the hierarchy bits and the ability to orientate tiled textures nicely. That said, tile textured ships never look as good as they could with a good UV map and texture, so it's a moot point most of the time.
As I'm sure people are aware by now (mainly because I just don't shut up about it

), I loathe TS. Not just because it's a lousy program but because it has this nasty habit of sucking up new modelers and messing with their brains. I know a number of people who were scared off modelling alltogether, or got discouraged completely from using TS, despite the fact that their designs - the hard bit of modelling, were fine.