I think almost every element available for TM is well documented either in readme.txt file (in theater mode folder) or in Steven's first post on this board. Some elements might have been posted on Plugins> TM board, but probably they were just a few.
The easiest way to learn TM is just playing around with the default view file. Make a copy of it and delete everything except the first settings paragraph. Then put each paragraph there, run it and note what's changed. I'm sure you will learn everything in a very short time. I feel it's easier than skinning and gives more fun.
Though the number of elements are not that big no one knows what they can possibly do. Those works posted in the forum are just a hint. Lots of dream works could be done with those implemented features alone. Give it a try and explore a new horizon for yourself!