According to the changelog on their website TrueCrypt 4.2a was released under a new license called the "TrueCrypt Collective License Version 1.0". The ebuild for this version hit Portage yesterday but it's still tagged with the old license: LICENSE="truecrypt-2.1" The new license (found in License.txt) seems to encompass the old one plus some other licenses for various libs TrueCrypt ships with.
Thanks Alex. License now "truecrypt-collective-1.0"