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KryptoSpace is an application that lets you choose one or more directories to be encrypted. After the encryption process (which uses the same technology of FileVault, thus assuring the same level of security), you will find your directory exactly at the same place as before. The only difference is that if you "Unmount" the directory, nobody would be able to access the data in it without knowing the encryption password.
If you have confidential files in your Documents/confidential directory for example, you can just encrypt that folder. In the normal usage the folder behaves exactly like a normal folder, only the icon is different. This will not affect the overall performances of your system. Moreover, if you are not using the directory at one particular moment, you can just "Unmount" it, using KryptoSpace: doing this, the folder will not only become invisible, but also inaccessible by anyone who doesn't know the password.
The trial version is fully functional for 15 days. After that, you will not be able to create new vaults or to mount existing ones (you can always remove the encrypted folders).
Requirements: OS X 10.4.4
Universal Binary
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Author's Site
MajorGeeks TX
Internode
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