According to the TIP fund website, the TIP fund has a real yield of 0.09%. This means it pays a dividend (on average) of inflation plus 0.09%. Average weighted maturity is 8.26 years.
On the other hand, as of today an individual TIP bond with a maturity of 8 years has a real yield to maturity of about 0.6%. So I guess that means if you are willing to buy individual bonds (and give up the convenience of the TIP fund) you can make an additional half percent per year.
Just food for thought.