I've used Cryptsy for a while. It's primarily a market in addition to being a multiwallet. It's pretty trustworthy and secure as far as I can tell, but don't keep all your eggs in one basket if you are worried about loss due to them going under or being hacked (I have cryptocurrency on other markets and in offline/cold storage/paper wallets, not just Cryptsy).
There are also lighter Bitcoin software wallets like Electrum that don't download the entire blockchain.
Ethereum's blockchain is only ~2GB right now. It's still in development, but far enough along that you can mine it and play around with applications.
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