If you are making new panels, TIG is pretty good. But if you are trying to weld to crappy old steel it's a bit tricky!
These guys use TIG, and their stuff is as much a work of art as a vehicle! http://www.contourautocraft.co.uk/
Depends really like others have said, MIG is great when working on old rusty cars but if you want the best job on something use TIG, I like to TIG because it gives me the option of hammering straight after which you can't do with MIG.
The low amps/more localised heat thing is bull, you WILL get more distortion compared to MIG but that's kinda beside the point as the approach is very different with TIG being closer to traditional coachwork using oxy acetylene
With TIG or oxy acetylene weld reinforcement can be minimised and welds are dressed using hammers and dollies. Distortion is taken care of at the same time (a lot of it is because welds shrink) and the goal is typically to 'metal finish' the repair.
With MIG you get far more weld reinforcement and because the heat input is much lower the welds are harder so planishing welds out isn't an option. The typical approach is to minimise distortion by using overlapping spot welds and then to grind the weld down (sensibly/carefully as you can pretzel panels with the heat generated by a grinder) before a spot of panel beating or a skim of plod
MIG is easier if you're not handy with hammers n dollies, makes far more sense if grovelling around under a car, repairing double skinned/reinforced areas (no acess for dollies to planish welds out) or spot welding floors etc
When fabricating panels and/or there's access to metal finish then TIG/oxy bring a lot more to the table. TIG offers less distortion than oxy but is the least tolerant of all three with regards to dirt etc. Oxy is by far the most versatile- heat shrinking, hot forming, seized fasteners etc etc