Okay, for clarification to the laypeople in the audience (and even the almost laypeople like me), we're basically talking about three different "Quantum [X]" subjects here:
1)
Quantum Encryption: On its most basic, metaphorical level, this is the practice of using principles of quantum physics to prepare a message so that it cannot be eavesdropped on without notifying the recipient. And yes, that
is about as simple as the explanation can get.

Note that
implementations of quantum encryption are available today: usually it's used to distribute encryption keys in a provably secure manner, which are then used to transmit messages via less cumbersome methods (quantum encryption requires very specialized equipment, for the most part; it's not something you can do over the Internet). Note that this is an area of ongoing research, and so everything I just said above may become wrong at some point.
2)
Quantum Computation: Again, basic and metaphorical here: quantum computers use tricks of superposition to, in a sense, ask a question using multiple possible inputs simultaneously and get an answer that has a reasonable probability of being correct. That's not
at all what's happening, but it's about as good an explanation as someone without a background in the subject is going to get.
One of the reasons that quantum computing is such a hot topic is that questions that take a long time to answer on a conventional computer become much faster to answer on a quantum computer of sufficient qubit size. One of those questions that can be answered quickly on a quantum computer is the factorization of a very large composite number, which is really neat from a mathematical perspective, but is earth-shattering for people who do information security for a living because today nearly all of public-key cryptography--that is, the sort of cryptography that keeps your credit card and bank data from being stolen when you do business online--is all based on the fact that, right now, factoring large numbers takes a very long time. If quantum computation becomes easy, then all current public key cryptography becomes only slightly better than rot-13 at protecting secrets.
Currently, quantum computing sort of exists in the lab, is not at all practical, and it is questionable if it ever will become practical. Security experts are already looking for ways to do data and public key encryption in a world where quantum computing exists; they're having a hard time because nobody yet knows exactly what and how much quantum computing can actually do.
3)
Quantum Entanglement Communication: Now we're basically entering the realm of crazy sci-fi bullshit, the same place our ZPE Arc Reactors and Mass Effect shields come from. The idea here is that, somehow, via some theretofore unknown scientific principle, people are able to use quantum entanglement to transmit information instantaneously. Current science states this to be "probably impossible" though some hold out hope that ensembles of entangled particles might bypass the theoretical restrictions... and at that point my brain started to glaze over.

Regardless, this idea is as much pure sci-fi as our completely-impossible Arc Reactors, and should be treated as such.