To discuss MLC vs TLC, one may also want to understand SLC. Below is a comparison.
SLC (Single Level Cell) NAND was the original NAND architecture and still is made today due to its much higher endurance over the MLC and TLC NAND discussed later. A SLC NAND cell has only two states - a high or a low. For this reason it's the simplest to set to a certain state and the retrieve the content since it can only be a 0 or 1.
MLC (Multi Level Cell) NAND was invented to double the amount of data stored in the same area of silicon on the wafer. This significantly lowers the cost of storing data on a MLC component versus a SLC part. The tradeoff for the lower cost of MLC NAND is less reliability and 10-20 times less endurance cycles (the number of times you can erase/write to the NAND cell).
TLC (Tri Level Cell) NAND takes the MLC concept one step further. By creating more states in the memory cell, you can effectively store 3 bits per cell. Again, the tradeoff is significantly less endurance/write cycles and less reliability than even the MLC components. See figure below.
The lower cost of TLC is great for the consumer market where writes are limited, but TLC should not be used in any applications running Operating Systems, storing mission critical data or most OEM applications.