FileVault 2 is a huge improvement over the original FileVault implementation, offering whole disk encryption with no noticeable performance penalty. The only downside is that every account on the computer (even "standard," non-administrator accounts) is given access to decrypt the drive. The good news is that you can control which accounts are allowed to decrypt the drive by removing the password to any account which should not be able to decrypt FileVault (Don't worry, it's only temporary.).
Temporary insecurity leads to increased security
My MacBook Air has 4 user accounts on it: for me, my wife, my son, and my mother-in-law (long story). My wife and I both use secure passwords, but my mother-in-law and son do not. If a