Where did you get this from? The risks of failure are documented. Sandforce drives (them super fast drives) are the worst culprits. Intel drives are the most reliable.
The risks of failure on HDDs are also present. You might be able to recover something from a dead hard drive, provided a head crash didn't occur then you're screwed.
Basically if something dies then don't expect to recover data from it.
also,
(1) SSD's arent very good with encrypting files / folders and aren't very secure. Is this true?
They're so much speedier than hard drives. The aren't very secure part is partially true. Data remains on the drive until the system garbage collects because the SSD tries to write to all the cells before erasing. It lasts longer that way. Also when the data is erased it could still be recovered.... but this is true for hard drives as well. With very sensitive software they can recover past bits for magnetic drives so no drive is truly ever secure unless if you throw a magnet at a hard drive or wipe it down 5-6 times with random bits.
(2) SSD's have a short life span. Does the one included with the new iMac last very long (roughly of course). Are we talking 1, 2, 5 or 50 years (daily usage)?
This is a tough thing to answer. SSDs have limited write states. With the switch to 34nm the P/E cycle count dropped to 5000 from 10,000. Newer 22nm drives have around 3,000-5,000. The life depends on a lot of factors: how many erases are you going to use, how good is the chipset in your SSD is managing data. SandForce chips conserve writes and erases and are the best at conserving life. So it's hard to say. I think that the more capacity you have, generally the longer it will last. So 128GB SSDs will most likely outlast 64GB or less drives. 256GB SSDs will last more than 128, etc.
I have 2 drives, an OCZ Agility and OCZ Vertex 2. Within 2 weeks I've already used 2% of my Agility life and currently it's sitting at 48%. This is less than 1 year of use. My Vertex 2 with the SandForce chip is doing a lot better and is still at 100%.
(3) Any other disadvantages with an SSD?
You won't notice the speed until you start using computers with hard drives. Then you will wonder what the hell is wrong with them

and realize SSDs are wicked fast.
(4) Are Apple likely to make a decent one available soon?
Apple's SSDs are made by.... Toshiba? I heard the newer ones were Toshiba than Samsung or they use an updated Samsung. As far as I know Samsung and Toshiba uses their proprietary controllers so they can't compete with SandForce based drives in terms of speed, but don't let that get you down. They're still faster than a conventional hard drive.
HD Tach measured my SSD access time to be .1MS. My HDDs were at 10-15ms. That's a +100x faster access time.