I made a question on Quora [1] for this in case anyone wants to contribute. I've seen alot of conflicting discussion on Hacker News as to the authenticity of TrueCrypt. Hopefully we can continue the dialogue and organize the response over there, as it may go beyond the scope of the discussion here, where it arguably only has a tenuous connection to amazon cloud storage or other web storage services.

[1] http://www.quora.com/Is-TrueCrypt-safe