I did some digging & consulted few peoples. There was a interesting qa session with DHS & Syrian TPS beneficiary in early 2012 (link here: https://www.federalregister.gov/articles/2012/04/03/2012-7960/employment-authorization-for-syrian-f-1-nonimmigrant-students-experiencing-severe-economic-hardship#h-28) .

I came to conclude that:
1. If you are in F-1 OPT, you can file for TPS-EAD and continue to work until the period mentioned in TPS-EAD.

2. You can always reinstate to F-1 status if TPS doesn't get extended by the end of 2016.

3. However, you have to provide your employer with proper documents so that your TPS-EAD has precedent over your OPT-EAD.
This benefit of using TPS-EAD over OPT-EAD include no unemployment rule, ability to work ouside you field, etc, etc

4. It gets little tricky if you are F-1 and currently in school. You might have to maintain normal course load and keep your status alive so that you have the option to file for OPT or H1B. You may however, ask your school DSO for reduced course load.

5. For H1B, your H1B-EAD might be voided if you use TPS-EAD. You might have to return to your original country and get re-stamp if you want to reinstate as H1B.

6. If you are in H1B from US degree (which means you were a F-1 student at some point), you might be able to reinstate as F-1 but that totally depends on the DSO; if he/she thinks you meet the criteria.

FYI: I ain't a lawyer or expert on this matter. This summary is entirely derived from my personal research and available materials on the internet.