In the end, the problem is that one page can itself infer to other domain / subdomains in its document and those can execute and utilize localstorage. They have to, though, so you can embed an html5 game in your blog from some other site that you liked. It comes with the territory.
Sadly, it seems like the best answer is the horrible UX'd prompt - "do you want to allow x.y.z to store local content on your computer?" the same way you have to verify downloads and know exactly what you are running locally.