Having studied this a bit, it looks like passwords are stored in the Windows credential store, which is equivalent to the Gnome or KDE keys. In fact, you can see the ones you saved by opening Windows Credential Manager. I get there just by typing Credential Manager in Windows 8.1 from the initial screen, but I think you can also go to it from the user accounts page.
In any case, as you can see from the attached image, the password that I added to keyring as a test is displayed under Windows Credentials -> Generic Credentials -> keyring_demo . Opening this window as another user on the PC does not show this password, therefore it seems to be protected from other users. This screen also allows you to revoke or change passwords.

Regarding how the consent will be implemented, I am sure that keyring will work until your Windows user account logs in, but I do not know the specifics.
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