Use case: Say you pass the UK border, and they can willy nilly decide to check your laptop or mobile phone. But you have an account that is password protected and encrypted, and they see that, and ask you for your password. You say no - and you get arrested for it. If they couldn't see you have that password protected account, and all they could see is a "normal" (clean of sensitive stuff) account, then they'd just check that and move on. Or you could even password protect that, too, and give them the password to it, and they'd be none the wiser.
All you'd need is to be able to hide that account from the main screen when you turn on the laptop or mobile device, and you should only be able to re-enable it from a menu prior to booting into the OS. It shouldn't be easily accessible either, otherwise it defeats the point.
I don't see Microsoft doing something like this - ever. Apple might if enough people asked for it, but I'd incline to say they wouldn't for now. Google probably won't do it either for Android or Chrome OS, since they probably see no benefit to it. But it would be nice if that feature at least came to Linux and some custom Android ROMs like Cyanogen.