This project is based off of Truecrypt. It's worth looking at. They are apparently fixing the issues found in the truecrypt audit.
Source Page: https://veracrypt.codeplex.com/
List of weakness fixed: https://veracrypt.codeplex.com/discussions/569777#PostContent_1313325
I really do want to see version 1.0f. This version is retiring RIPEMD-160 in favor of SHA256. This is good. Commercial encryption programs are starting to go this route as well.