I generally use TBS as I find it leaves less particulate behind on/around the tissue, but I've never done a systematic analysis of it. Entirely anecdotal :)
Generally both buffers are working on paraffin sections as well as on free floating tissue sections. The only case I know, and this is a persanal expierence, you have to use TBS is when you like to detect any kind of phosphorylation because PBS leads to a negative result.