Well, Konami defines it rather vaguely as 'how well a player can link up with his teammates and receive passes'. It seems to be more complex however and govern many things, including:
Involvement in build-up play - Hence, for instance, Xavi's god-region TW value.
Being on the same wave-length as teammates - This seems to be Konami's meaning. So, say a player makes a good run, the player in posession, if he has a low TW, is more likely to choose a worse option. I think this includes judgments about the weight of passes. So a player with a poor TW value would be more likely to overhit simple short passes or otherwise misjudge the weight needed. Also this seems to encompass and represent a player's 'vision', as high TW players choose the best and most impressive passes.
Tendency to pass - In general there seems to be a correlation between low TW values and more 'selfish' players, who prefer to dribble or otherwise go it alone, and between high TW values and players who constantly pass. eg. Ronaldo - 72, Xavi, 98.
It's also often suggested that TW affects movement in the sense that a player with a high TW value will make themselves available for passes more intelligently.
One stat for all of these traits is frankly frustrating and very much oversimplified. Players are very hard to accurately recreate in game with such limitations. Think of static playmakers, like Riquelme for instance. He'd have a high TW value as he's heavily involved in build-up play and has extraordinary vision but he'd have a low value on the grounds that he's static, and it's not his style to move relentlessly to collect the ball.
Or prime Ronaldinho. He had incredible vision and imagination in his passing, thus warranting a world class value, yet he didn't constantly pass and regularly went on solo runs, thus warranting a low value. Ideally, Konami would split TW into about five seperate attributes so these unique styles could be better replicated.
I'm aware that I've essentially clarified nothing, and have only muddied the already murky waters of our understanding of the TW value, but it's the best I can offer.
