I had the Forbidden Legends quest in my log for a while and figured it was time I'd finish it, so I went to do the first 2 dungeons and cleared them.
When arriving at Saarthal I noticed I HAD to join the College since Tolfdir has to open Saarthal, which is somewhat OOC for my character.

I quickly rush through the College introduction quest and tour, do the ward spell and I get to the part where I have to meet Tolfdir outside Saarthal to begin the search there.
I rush out, fast travel to Saarthal, wait 2-3 hours but Tolfy never showed up. I only get the one dunmer student, the rest simply doesn't show, even after waiting 3-4 days.
When I travel back to the College, I simply can't find Tolfdir, not during the day, not during the night.

Anyone know how to solve it and finish both (Forbidden Legends + Under Saarthal) quests?
I ran from Winterhold to Saarthal and back, no Tolfdir.

I'm on PS3 so console commands won't help me..

Try going and doing another quest... After you do another quest he might be there but if that doesn't work you may be stuck waiting until the next patch to hope it gets fixed then...

On the PC here, but as soon as he said, "meet me there in a few hours," he started ambling away. The other students would chat if you spoke to them, but there was no rush. I forget when I went, but I think I was doing something else nearby. It was late afternoon and blowing a blizzard. I saw through the gloom a torch, which winked out. Somebody was fighting a snow troll. Turned out to be Tolfdir, who fried the thing, lit his torch, and ambled on to Saarthal. It might be scripted, I don't know. The only thing I can think of is to start at the college and walk to Saarthal, taking the scenic route favored by NPCs.

Are you sure you`re waiting at the right place ? Fast Travel there and look down on the ruins (difficult if snowing). Go down to the disused tennis court and he is there on the left. Or at least he was for me.

I had this problem too. I fixed it by fast travelling (not walking) from saarthal to the college and then fast travelling back again. It should work, I think.