Quote - incidentally, i dont recommend taking my wager :) im just being a prick because he said 256 bit encryption was trivial to break.

It simply depends on what encryption. 256 bit is tiny for asymmetrical encryption, but large for a proper symmetrical encryption. You should definitely not use 256 bits for your PGP key size, but for TrueCrypt AES it's rock solid. Unless someone finds a serious flaw in the AES algorithm, discovers a math breakthrough (P=NP) or invents quantum computing, AES-256 can be considered secure for lifetimes, parallel computing or not.