When a password appears on screen as a series of asterisks or dots, you simply view it through SeePassword's magnifying glass to reveal the actual password text. In our testing, See-Password had no problem with passwords stored by Internet Explorer— all the sites we tried yielded their secrets.
– PC Magazine, Fall 2004 issue
I can see this being very helpful for bettors who lose their password lists or forget their password. Same could be said for passwords for banks, porn, or newspapers as long as you have accessed before on your computer and still have it showing up. At same time allows anyone who has access to your computer the ability to see both your user and password, and then use it access it at a later time. Also could be used on donated computer, computers in landfills etc.
I thought that these passwords were somehow encrypted by windows or the software to protect them. Pretty scary and interesting at same time.