Congratulations to those who received TPS approval and EAD. Seems like most of F1 students who applied for TPS have been approved. It would be good to hear from you guys regarding post approval issues which might help still undecided F1 students to apply for TPS like me. My main concerns are:

1. What is your SEVIS status after you get TPS/EAD and let DSO know about it? Does the change of status reflect in your I-20?
2. If applied for EAD and started working out of campus (>40 hrs/wk), are you still in F1?
3. If you applied for TPS only and do/will not use EAD, do you still need to inform to DSO? Or, if TPS/EAD is a show item in your wallet, good to have but compromise your status if used.
I know its different for F2/H4 as they don't need to report but being F1 you obligated to report to your DSO. Would like to hear directly from the horse's mouth !

I'm F-1 and I haven't applied for TPS/EAD but my wife (F-2) did and we let my DSO know about it. From what the DSO, the attorneys that DSO consulted with, and an attorney I talked to said:
F-1 students can apply TPS or TPS + EAD. They are still in F-1 status as long as they continue to follow the rules of F-1 i.e. you are still required to maintain good academic standing and limited to 20hrs per week on campus job. TPS EAD will allow a F-1 to work anywhere they can find a job, but that will violate the terms of F-1 and therefore, the student loses F-1 status. And if the student wants to return back to F-1 after some time or when TPS expires, they will have to go outside of the country and apply for new F-1 visa, just like the first time.

If you let DSO know that you're going to work off campus using TPS EAD, they'll most likely terminate your F-1. If you don't let them know but still work off campus on TPS EAD, it's illegal and may cause issues down the road..for example when you apply for permanent residency or your DSO might find out about it and terminate your F-1.

So it has both benefits and risks/limitations. Just be careful and consider the risks vs benefits before jumping on the TPS bandwagon. If you really think TPS might help you, apply for TPS without EAD for now and apply for EAD later when you need it.

Thanks @bakwaas_kura for the info. It seems like it is a safe bet to apply for TPS only which may turn fruitful sometimes in future. Maintaining grades and full time enrollment is not a major issue for most of F1's but the working hour limitations and EAD do not go along for me as well.
Still thinking, have until December to apply.
Let's see how it turns out for the early TPS appliers. Hope to hear form them as well.