This is extremely good news for anyone who used Truecrypt to protect assets.
The problems found are comparatively minor, easily fixable, and indicative of competent people writing code just outside of their core competencies. That last issue happens on any project anywhere.
Phase 2 will look at the actual encryption code. Unless that is found to be seriously flawed, the insights found from the review will ensure that Truecrypt 8.0 is rock solid and approved by experts.