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I liked it. The moment where I realised Slendy was right behind him while he was asleep on the couch got me freaked. And it's nice to have a plot-advancing video once in a while.
1. If he is indeed someone Jay knows, he's been mentally disturbed, probably through dealing with Slendy. We know TTA has to know a thing or two that's particularly important to this whole situation, so he probably has to be pretty familiar with Slendy - and that's why my two biggest candidates for TTA are Alex and Seth. Alex for obvious reasons; Seth because we know he's been to Slenderland, and it can at least be assumed that Slendy attacked him while he was there. We've seen Slender Man's effect on people through Alex, but maybe it doesn't effect everyone in the same way. Maybe Alex rips up paper and draws strange pictures, and Seth makes weird-ass videos?
2. He's in the house somewhere. Evidenced by the "COME BACK / find me" in Signal (although that's also evidence that TTA == Masky which I'm really starting to not like much), the multiple sleeping bags on the floor, and so on. In entry 23 when you see that weird blip of an image that looks like a hand reaching out, that's probably TTA.
3. He's most likely working with Masky somehow. At the very least, he knows about Masky.
4. It's been assumed by a lot of people for a long time that "OPERATOR" is something directly related to TTA, but considering both the word and the symbol appeared in Alex's drawings three years earlier I'm not so sure that's the case.
I know the "wtf did Alex mean by 'gone'" thing has been done to death, but it's possible that Seth and Alex got separated after their venture into Slenderland (supported by "I just woke up in this house with the tape" with no mention of Seth besides that he's 'gone'). This could possibly support my theory above that Seth is TTA and is looking for Alex.
It's hard to gauge what exactly Masky and TTA's motives are at this point, but I do think that Jay is being used by at least one of them, and that considering he keeps getting his memory of things like Return happening wiped it's probably not something he'd go along with willingly. If Masky and TTA are indeed people who Jay used to consider friends or at least acquaintences, they've gotten pretty desperate at this point.
eta: The main thing that keeps me from thinking that TTA is Alex is that if 'ARK' are indeed Alex's initials, it feels too silly that Alex would make his screenname "to [alex]" and ask questions like "where is [alex]". Everything else seems like it could add up, though.