There have been a couple discussions on this forum about TFA, what's good and bad about it, and the alternatives. You can search the forum for "TFA AND peptide" One is
http://www.sepsci.com/chromforum/viewtopic.php?t=2437
In a nutshell, TFA is a strong acid, is volatile, is not highly corrosive to HPLC parts, is a mild ion-pairing agent, improves peak shapes for bases, has moderate UV absorbtion, is expensive in HPLC grade, suppresses electrospray ionization, and causes noisy baselines especially with gradients.
Peptides are zwitterionic, and both positive and negative ions can be produced. In general, negative ion mode gives less signal than positive ion mode.