Which means that when (I can't bring myself to say "if" in this situation) holes are found, everyone with bitcoins will be SOL.

That said, after more digging, I note that a name I know and trust and have worked with in the past (Jeff Garzik), seems to actually be heavily involved in bitcoin, which lends it quite a bit more credibility in my mind. I don't know him as a security or cryptography guy, but I do know him as a really smart and competent developer. The project really shouldn't make it so hard to figure out who is writing the code and the standards (I still don't actually know what Jeff has to do with bitcoin, I just see his name a lot in the forums).