I like the individual responsibility, but ultimately the security boils down to the software used. While I agree in principle that "online wallets" should not be inherently trusted, there is trust built over time for anything that doesn't get violated on a regular basis.
This is how scam artists work. A little money at first then you get good returns/it's proven/whatever, then a little more money, then your friends' money. Hey, this is pretty good, let's borrow on the house... Boom, they're gone and you wonder what's happened.
Not that I'm saying that's the case with any particular online wallet service, just be careful with that whole trust thing.