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PGP (and its GNU implementation, GPG) is an example of asymmetric cryptography. Basically the key used to encode the data is not the same as the key used to decode. Its very secure, but more computationally expensive than symmetric cryptography.
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I wouldn't use it for more then a few megabytes, maybe up to half a gig. But if you want to encrypt like more than 80 gig of data (my standard filesystem size is around 80 gig) you better go with (fast) symmetric crypto. And AES with a keylength of 256bit (the standard crypto TrueCrypt uses) is pretty fast and also secure.
cya
liquid
How ya doing, buddy?