This solution has 2 issues though that kind of drive me crazy.

1) It won't sync the truecrypt volume while it's open (cause the file is in use), so if you want to encrypt stuff you work on regularly, you have to close the truecrypt volume regularly to sync it, which is a PITA.

2) Since it's one big volume, it takes forever to sync up even if you only modified a single file inside it. Say, for example, I have a 5 GB truecrypt volume containing some project I'm working on. If I open it, update the readme, then close it, it has to resync 5 GB...

So overall, this is far from an optimal solution...