This is a good idea in general but in practice ... my 1password has a whole stack of non-website-login information - server credentials, software licenses, database accounts etc.
If Google's doing this under the premise that everything-that-matters-lives-in-Chrome then it's going to fail, anyone who's open to using password managers at all is hopefully going to have applied it to more than just their facebook and gmail logins and across multiple devices that exclude Chrome.
