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Chrome delegates the protection to the OS[1], which I think is a good idea from the user experience perspective.

The case of "somebody used my computer and saw all my passwords" is solved by setting a password in your OS and locking your session when you're not there.

The problem here would be if some malware were to steal your passwords when logged on, but then not even a dozen of master passwords can save you (just install a keylogger and wait!).

[1] http://superuser.com/a/146744/7482



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