I've read that (negatives about too much soy) too, but for backpacking trips I'm willing --- I just don't use TVP in normal life meals (!).
I also agree that real meat just tastes better, substantially better. But TVP doesn't taste bad, for me it's better than just leaving the meat out and it does get me my protein. I'll stay away from the arguments that I frankly know too little about in terms of the right mix of proteins, the right type(s) of proteins, etc ... I solve that (hopefully) by getting different protein sources in different ways (peanut butter, refried beans, meat in some meals, jerky, protein shake, built into some processed foods ...).
The bottom line reason why I'm starting to use TVP is just that it's so much easier than buying, cooking, drying, shrink-wrapping beef, or the same with cans of chicken (sans the cooking part). I like real meat better, but not *that* much better!