I've been reading up on the TrueCrypt debacle; there has been a lot of chatter on Ars about this. An external audit is being done against TrueCrypt's code, and it's as secure as it ever was. The conversation over there indicates that the TrueCrypt guys have just decided they don't want to develop it any more, and so they're resorting to weak cop-outs, rather than just coming out and saying "We've lost interest. Moving on."
Here's a Stack Exchange thread on Bitlocker security:
Personally, I expect that your average computer thief will just reformat the drive rather than crack your data, but for government data, I'd probably use PGP, since I know some government agencies and many government contractors are doing just that.