About two months ago I was delighted to see the new version of what I consider to be the first open source drive encryption program for Win32. It’s name is TrueCrypt, and it provides functionality that resembles that of DriveCrypt from SecurStar.
Some basic features are still missing such as the option to use a key file or multiple phrases. However, TrueCrypt has two benefits that are very unique to disk encryption products under Win32: It is open source, and it is free. I therefore see it as an appealing alternative to DriveCrypt and to PGPDisk in some environments.
One major issue about it that was not yet resolved is, of course, security. An in depth review of TrueCrypt was not yet published (to the best of my knowledge), and was never requested, but the products being open source makes one assume that if there is a deadly flaw to it, it will one day be found - hopefully by the good guys first.