Given that border searches of electronic hardware are becoming more commonplace in the US, I should think that something like this is important. I know when I was driving back and forth to university, the thought crossed my mind when I had my laptop with me as I went through the border patrol checkpoint that there wasn't anything much I could do (outside lawyering up) if they took it upon themselves to grab it and search. Sure, the worst they could have done was read my email (and maybe clear out the junk folder for me while they're at it), but it was the principle of feeling so violated by the act itself that drove me to stuff all my school work into a TrueCrypt volume.
(This was years ago, and TC was the best option for XP. Though I later switched the laptop over to Linux.)