Christian Research Institute did a two part article on TPM back in 2006. Part One was largely positive, Part Two outlined problems. I've only been able to locate Part One online, but CRI could likely provide you with this information, wheels. CRI seeks to be balanced, and the first articles reveals that the writer actually went to observe TPM as practiced/applied by its originator and interviewed him extensively. It's probably the most balanced and thorough article you'll find "out there."
I am in seminary and I do not purposely engage in any "church" activity or teaching that does not line up with the Bible in at least several places. I was asking the question, "How specifically is theophostic not in line with the Bible?" because I have received healing by theophostic prayer at a place here in Houston, Serenity Retreat. I have found that Serenity is Biblically sound. The woman who started the place goes above and beyond in making sure that this is the case.
Like in any church denomination or group, just one nut-job can foul up the waters. I am wondering if that is what has happened with theophostic prayer in some places around the country, or if there is evidence that the theophostic technique is unsound itself. I'm not alarmed about what's-his-name getting money from selling his books on theophostic prayer. The sermons/Bible studies I want to download off of the Internet from people like Chuck Swindol, Beth Moore, Tony Evans, etc..., usually cost something---they aren't free, but that doesn't send reg flags up about them.
I do know that many people have been delivered from satanic cults by the Lord through theophostic prayer, and it is rumored that these cults have retaliated by spreading false claims about theophostic. I'm trying to weed through the false claims and the true ones. I am on the quest for the truth, so any specific and concrete evidence that theophostic itself does not line up with the Bible is appreciated.