If TrueCrypt is back-doored, the backdoors are likely only present in the binaries offered for download on truecrypt.org, not in the source code, where they would be more easily found. A cross-check of important routines might be informative. A back door would take one of two forms: either it'd smuggle a copy of the key somewhere, or it'd lower the key's entropy enough to be crackable. The former would be discovered by simple disk-space accounting, so it is probably not the strategy used. Reducing the key entropy would make any volume decryptable if it was first initialized by a backdoored copy of Truecrypt, while retaining compatibility with non-backdoored copies; so likely places are in the key-generation, or in the random number generator that feeds it.
Also noteworthy: the download links all work by POSTing to /dl, then being redirected. The Windows download link for me went to http://www.truecrypt.org/download/transient/e2ec88b9b7dfb3a8..., and it's not clear what that big hash is doing there - other operating systems use a different URL scheme (without the /transient/10bytes component). Their web server might occasionally give different binaries to people it doesn't like. All the downloads are over http, not https (except for signatures); and their site responds to https in a very odd way, responding with a valid certificate but always redirecting to non-https.