The TOTEM experiment at the LHC measures the total proton-proton cross section with the luminosity-independent method and the elastic proton-proton cross-section over a wide |t|-range. It also performs a comprehensive study of diffraction, spanning from cross-section measurements of individual diffractive processes to the analysis of their event topologies. Hard diffraction will be studied in collaboration with CMS taking advantage of the large common rapidity coverage for charged and neutral particle detection and the large variety of trigger possibilities even at large luminosities. TOTEM will take data under all LHC beam conditions including standard high luminosity runs to maximize its physics reach. This contribution describes the main features of the TOTEM physics programme including measurements to be made in the early LHC runs. In addition, a novel scheme to extend the diffractive proton acceptance for high luminosity runs by installing proton detectors at IP3 is described.