Sure, but so are password protected (i.e. encrypted) regular wallets. And let's face it, having a non-encrypted wallet is just really, really stupid.

I have already backed up my encrypted wallet at several places, both online and offline. I may be setting up something that automatically emails some people close to me (friends, family) when I show no sign of life for over three months or so. Using a Shamir's Secret Sharing approach, each person will receive a chunk, and when at least 4 people combine their chunk, they can recover the actual wallet password. I'll be including more than 4 people in the list, the redundancy is just in case I die in a car accident together with some of the people on the list. The minimum of 4 is to ensure nobody can run off with my coins individually.