I've played a few sessions of CT and find it a game of high tension terror when done right -- depending on the GM & players, of course.
I'm a long time GM, but I've decided to only play CT -- unless our current GM stops GMing it -- so that the mystery is kept for me, most of the other GMs/Players are doing the same. This allows our GM to do what he needs -- to give us a good storyline -- and not have to worry that the players know how much doodoo they're in when the bigger Migou show up. (He did let it slip that he had underpowered a mecha that we met "by mistake" -- lucky for us too, or we would have bit the dirt!)
To answer your question:
Check out the game logs @ http://gamenight.wyldeside.com/ under "CthulhuTech" for the full details -- from my PC's perspective -- on how our sessions went.
It's only a TPK if you let it be... this is Anime Horror -- anything and everything can happen.
Hell we had a "slip up", which I thought would kill us all, but our GM took our role-playing chatter and the roll and came up with a really cool (for me the player, not for the PC) thing that allowed us to slip by, instead of becoming meatsicles