WordPress TEMPLATEPATH
TEMPLATEPATH has been deprecated.
Use the following to include files:
// Load entire ThemeSmith framework include get_template_directory() . '/my-extra-functions.php';
It points to the template of your wordpress that is active.
<?php echo TEMPLATEPATH; ?>
This will give you the actual path.
Incase you are using a child theme, then this points to the childtheme. This is really handy because...
bloginfo('template_url')
This doesn't point to the child theme and creates problem for new developers using child theme.