The tradeoff mentioned in the title is that TDD takes a little longer to get to "done" than code 'n' fix. It requires incremental creation of code that is sometimes replaced with incrementally better solutions, a process that often results in a smaller overall amount of code.
When doing TDD, the time spent to go from "done" to "done done" is minimal. When doing code 'n' fix, this time is an unknown. If you're a perfect coder, it is zero time! With some sadness, I must report that I've never encountered any perfect coders, and I know that I'm not one. Instead, my experience has shown that it almost always takes longer for the code 'n' fixers to get to "done done" than what they optimistically predict.
You'll note that I've depicted the overall amount of code in both graphs to be about the same. In a couple cases now, I've seen a team take a TDD mentality, apply legacy test-after techniques, and subsequently refactor a moderate-sized system. In both cases they drove the amount of production code down to less than half the original size, while at the same time regularly adding functionality. But test code is usually as large, if not a bit larger, than the production code. In both of these "legacy salvage" cases, the total amount of code ended up being more or less a wash. Of course, TDD provides a large bonus--it produces tests that verify, document, and allow further refactoring.
Again, this graph is just a rough representation of what I've observed. A research study might be useful for those people who insist on them.
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