If proper crypto is done its not too big of deal where the data that holds your passwords is kept. Problems certainly arise, however, with being able to trust the means of accessing that data.. And the privacy aspect of someone possibly knowing when you have accessed or changed credentials.
lastpass.com is an example of how people look to the convenience to have their passwords remotely available by using the [s]cloud[s] Internet. And Apple is already doing something like this (with the Apple ID being able to recovery full disk encryption keys, or the password to your keychain/local user account).
Windows 8 to store passwords in the cloud?
