In the context of True Love Waits, this term has been misinterpreted fairly widely from its original intended meaning.
While it can, certainly, be seen as "True Love, by its nature, waits until marriage to ardvark (Thank you Joe Bob Briggs, wherever you are)", this is not the correct way to interpret this phrase.
What it's really saying is that "True" Love, that is, Love in its truest Biblical sense, waits for sex and all other such things.
To elaborate: Love is one of the first principals of God, the bible, etc. It's a respect and humiltiy in regard for all souls, basically. There are various types, but at its utmost, Love at its truest puts others first, takes the long view, is patient, forgiving, humble, merciful, unselfish, non-judgemental, etc.
To try to judge this concept only in terms of the romantic phrase of "True Love" is to seriously misinterpret it. It has no bearing on romance, although certainly, romance taken in view of biblical love will certainly be more effective and long lasting, as any relationship based on the above qualities will certianly bring about a deeper bond between the participants.
Love's first principal, according to the Bible, before all others, is a Love of God as one's self.
I.e., to love the nature of God and His principals more highly than one's one desires, and to follow that nature closer than one's own.
Biblically, sex is saved for marriage, and is not held up as a release for stress and horniness, but the heighth of pleasure and expression between two married, loving people. A married couple who is not sexually active is not truly communicating, sharing, etc. Those participating in sexual activities in a premarital or fornication context, biblically, are (the word that comes to mind is defiling, but I think that will have the wrong spin in most minds) cauterizing their own ability to take part in marital love in its fullest, as originally designed, even apart from the influence of sin.
In terms of expression, Biblical love is an action, not a feeling. The whole idea that one loves those that one has feelings for, or basing such expression soley on feeling, is entirely alien to the biblical model. The Bible states that those we should love are our enemies, our neighbors, those we don't know. Not the easy answers, but those who are hardest to respect, to be humble before, to forgive, etc...those who need it most, quite likely.
True Love Waits, because to rush, to seek refuge in the "now", to live in the short term, is antithetical to the very nature of Love in it's Truest form.