The correct pressure according to the book is 30 lbs in the front and 33 in the back. The reason I said I can't wait to take this to the dealer is because I had already put air in and pressed the reset button...
That's not the reset procedure. As described in the owner's manual, you have to hold the reset button in for several seconds, waiting for three flashes of the light, then wait 3-6 minutes. What's not in the owner's manual is that the pressure has to drop 7 psi to activate the light.
Personally, I overinflate, reset per the book, then drop down to my desired pressure. I would rather know sooner than later that my pressure is falling.
Following the instructions in the manual, I have never had a false light. With both the Tundra and my Frontier before, TPMS has been very useful giving an advance warning of a leak off-road, giving me time to find a good spot on the trail to fix the problem.
I agree with the other poster who said it would be better to have a dash readout of the individual tire pressure like many GM and Nissan vehicles do. I have hooked up the Toyota scanner, and the individual pressures are there. Toyota has just chosen not to display the info to the driver, other than a warning light when the pressure drops by 7 psi.