TrueCrypt is free-as-in-freedom (according to my hearsay understanding of the license), but the TrueCrypt Foundation behind it is apparently kind of secretive and closed with its development processes.
Read it here
Overall the process went pretty smoothly. I started working on this in Fedora and got hung up on an error, switched to working on Ubuntu where I had more luck, and then got it going in Fedora also. My current strategy is to make things work in both distributions as much as possible. I dont want to become overly tied to one system. I did have one mishap that I wrote about in a previous post.