TrueCrypt Review – Cons and Pros
With all the various different encryption software packages it is hard to choose. TrueCrypt is an Open Source package, meaning you can use it for free. This is for most users the biggest advantage of TrueCrypt.
If you got some sensitive files you don't want anybody to see, Truecrypt is your friend! Truecrypt makes it possible to encrypt an entire partition or any storage device.
The only downside is that you can't easily encrypt a single existing folder. If you are looking to encrypt a single folder you should take a look at Folder Lock, which uses an easy interface to encrypt your folders.
You can download Truecrypt here: Dowload 
| TrueCrypt - File Encryption | |
|---|---|
| Price |  Free, Open Source (Although not approved by all as open source: wikipedia) |
| Platforms | Cross platform. Available on Windows, Mac, Linux. |
| Security | I would say the security is well enough for the avarage user. Although for users, for whom security is a really important point, I suggest to look here which explains the attacks possible : Security Concerns |
| Performance | Good. If you got a normal desktop these days, it will run and you won't notice a thing. Some older PC's may notice a small performance hit. |
Algorithms | Truecrypt gives you the choice between: AES, Serpent and Twofish. They even give you the choise to combine them. |
I will be updating this post, while trying other software. This has been written doing some simple desk research. A more detailed review will come later.