That said, couldn't this be mitigated by having a strong passphrase on the private key? How hard is the wrapper to attack?
Also, couldn't security researchers easily monitor the packets on this process and sound the alarm should they find that the js served up by Google or Microsoft suddenly starts sending private keys to the server?
As for your second question, there are techniques that perform static and dynamic analysis on javascript to try and detect illegal flows or taint propagation (without having to resort to monitoring the outbound network traffic). See [1] and [2] if you're interested in that topic.
[1] http://static.usenix.org/event/sec10/tech/full_papers/Bandha... [2] http://publik.tuwien.ac.at/files/pub-inf_5310.pdf