I used CryptoStorage but I tend to trust open source security software more. I kept hoping that TrueCrypt would do a WM version but so far they seem to be uninterested. Finally there's a FreeOTFE.
I found it here:
http://www.freeotfe.org/
So far it performed flawlessly on X51v.
Sarah Dean has been working on her OTFE software for quite a while, I exchanged emails with her a few years back, so she's not somebody who just popped up out of nowhere.
Pros: Free, open source, doesn't require installation, small footprint (*), , works in WM5, has a desktop counterpart (or rather it's the other way around

), offers sh##load of algorithms to chose from
(*) if you only keep one algorithm dll in directory. This would let a would-be attacker know what algorithm was used to encrypt the file but I don't see how knowing that the container was encrypted with AES would help anybody outside of NSA.
Cons: no timeout option; if you want to be able to use file both on PC and PPC you have to create it on PC first (you can later add to it on either platform); sluggish on file open unless you do (*) above.