Hi Dhirendra,
my final comment on TopHat2 paper is not out yet... but (for real!) it will be out in the next few days.
Default parameters should work fine for 80b reads. Even if you are interested in the novel splices, I highly recommend using annotations at the genome generation step - that will make the detection of novel splices more accurate.
You can reduce --seedSearchStartLmax to 25 to increase sensitivity a bit. STAR has a number of filters for the junctions that are output to SJ.out.tab, these parameters start with --outSJfilter*.
Ultimately, for the most sensitive novel junction discovery,I would recommend running STAR in the 2-pass fashion.
It does not increase the number of detected novel junctions, but allows to detect more splices reads mapping to novel junctions.
You would need to run the 1st pass with usual parameters, than convert the SJ.out.tab into the splice junction database file which is (together with annotations) used to generate a new genome index for STAR, and then run the 2nd pass of STAR with the new genome index. I have attached a simple 2-pass script that you can modify to fit your needs.
If you have many samples, you can collect all the novel junctions from all the samples (SJ.out.tab files), possibly filter them for reliability, and create one common set of novel junctions for all samples by merging them. Then you generate a new genome using annotated junctions and the common set of novel junctions, and re-run all the samples with this new genome - this would be the 2-nd pass.
Cheers
Alex