Phew. That was hard work. But thanks for the spot, orda.
Some work needs to be done by someone to make the layered picture clearer, rather than describing it in little dribbles.
Smart cards and biometrics sit on top of the TC platform to help identify the user. The TPM and the basic enabling software harden security on each device, so that you can then trust the platform is what it claims to be. ETS provides the user with a whole bunch of tools that rest on the TPM. Wave's TPM management resources allow centralised administration of the structure (EKMS, EAS). The purchasing organisation can then assume certain things about the information generated within the organisation (eg applications operate as specified, data is protected) which will let them use their systems to do some new things and avoid others. And they can build their own trusted applications for internal use.
Basically, TC repolarises a piece of equipment, replacing the assumption that data is insecure (but with some specified exceptions), with the assumption that it is secure (with some specified exceptions).
Root of trust? Gadzooks.