This is not a security issue, as many have already pointed out. In this way it is related to the 'stored password XSS vulnerability':
http://news.ycombinator.com/item?id=4847505
Two things that need to be debunked.
First, Chrome does encrypt stored passwords. If you open the SQLite database in your profile and query the logins table you won't see a plain text password. For more on how Chrome stores passwords and the code behind it, see this post:
http://www.switchonthecode.com/tutorials/how-google-chrome-s...
Second, Chrome does have a master password. Most users just don't notice it, because instead of being implemented in the application it integrates with the operating system.
You need to be logged in and have access to the Keychain to open the file. Most users leave their keychains open by default when logging into OS X.