Well, I did download the software, so I have a copy around here, somewhere. But private folders is gone within a week of it's debut. I never even had a chance to start checking it out.
Corporate IT types had a coronary over the thought of their users having encrypted folders on company machines. The dustup was severe enough to convince MS to withdraw the product, either pending a rethink or permanently. (I note that Download.com or SnapFiles.com has similar software available for any Windows users, but evidently this being an "official" MS product had more effect on users decision to download it and install it on their work machines.)