I'm not sure what you mean by the online wallet thing. If I understand Ripple correctly, it'd be more like a decentralized network of online wallets/exchanges which all federated with one another to allow very quick transaction confirmations.
As far as Ripple not being fully open source, yeah, I even quoted you saying that!
Wallets aren't stored on gateways, only currencies (except XRP) are. It's the gateways that are federated, not the wallets themselves. Of course, gateways can offer wallet hosting services if they want to, but it isn't required for being (or using) a gateway.