I am surprised, that the paper cited here - "The most dangerous code in the world: validating SSL certificates in non-browser software"  - gets a mere "Security quotes of the week" mention.
I think its findings are devastating.
Also I found Adam Langley's recent article "NIST may not have you in mind" , especially the papers from 2005(!)  mentioned there, earth shattering. Until I read that article I was under the impression that AES is secure and did not know that there are practical attacks against AES(' implementations).
Not being a crypto expert myself, this leaves me with the feeling, that the crypto currently in use in mainstream software is mainly security theater: we - or maybe rather the experts among us - know it doesn't work but are still relying on the attacker not being very clever.