And how do you plan to realistically manage 200 such wallet's? Realistically you would have a computer somewhere know there key's which introduces the same inherent risk as having that computer manage a single wallet.

If you really want secure storage you print out your private key's and store them in one or more vaults. If your even more paranoid you can encrypt the information such that you need more than one vault to access the data, but have some redundancy so if one storage location floods you don't lose any bit-coins. Which is where these N of M encryption schemes become useful.