Whenever you want to send Bitcoins from your wallet, you need to authenticate with a password that you choose, and a text message is sent to your cellphone, which you type into the website. This 2-factor authentication is more secure than most online banks and ensures that even if someone hacks your computer and captures your password, they still can't transfer funds out of your wallet.
So this is an online service like MyBitcoin.com except each transfer out requires a PIN that is received via SMS or other method? [edit: see my next reply]
While this is marginally better than simply username / password credentials, it still isn't the combination I'm looking for. I'm wanting a wallet server, like what Webcoin promises to offer.
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http://bitcoinjs.org/specs/wallet/1.0/draft/wallet-api.html -
http://forum.bitcoin.org/index.php?topic=14128.0