Ok, so you have tpms and your doing 50 with a pikey palace. The tyre blows out. Instant flat. How does tpms help?
A slower deflation then yes. See, I think there is more credit being applied to tpms than is reasonable.
I'd use it as a day to day check for performance reasons. I'd be intrigued to see the pressure differences over a cold morning start followed by a run down the motorway at 5am. That sort of thing, if its accurate enough of course.
But the Holy grail against all eventualities...? Nah, don't think so. In conjunction with run flats maybe, but that's mega bucks and brings in other nuisances like ride quality and cracked rims and.... Tram lining. 
Edit, Al beat me to it. 
It doesn't ... it cannot do anything about an instantaneous blow out.
However, the majority of research appears to indicate that an instantaneous blowout is an extremely rare occurrence, most deflations start somewhat slowly, and then get worse quickly, often then as a blowout as the tyre overheats due to running soft (in a soft tyre the plys actually rub against each other as they pass the "bump" at the bottom every rotation, this friction leads to a rapid heat build up then structual failure), so TPMS "may" give some warning that this is happening either by pressure drop, or by temperature rise.
The main problem with the "pikey palace" scenario is twofold ..
1) The tyres are usually carrying a higher load than a car .. eg, my 'van is 1600 kgs on 2 tyres .... thats 800Kg/tyre. the car is 2200 kg on 4 tyres . thats 550kg / tyre .. a large load differential so when things go wrong the do so faster.
2) Lack of "feel" ... experienced drivers like yourself can instantly tell if a car tyre is "soft" as the car "feels" different, if front the steering is "just not right" .. if rear it just "feels" wrong through the seat of the pants... this doesn't happen with a trailer of any description, there is no "feel" at all .. so a soft tyre on a 'van just keeps getings worse and you just don't know it...
TPMS has the ability to inform the driver of the state of the trailer wheels in pressure and temperature ... but the reliabilty is still, IMHO, too suspect.... if it doesn't tell the truth all the time .. it may well not provide the very information it is designed to ....