The Open Crypto Audit Project has completed their audit of TrueCrypt. As most security Geeks have opined, TrueCrypt is fine.
1.3 Findings Summary
During the engagement, CS identified four (4) issues, and none led to a complete bypass of confidentiality
in common usage scenarios. The standard workflow of creating a volume and making use of it
was reviewed, and no significant flaws were found that would impact it.