Microsoft has announced that it will include a password manager in Windows 8 to make it easier to use secure, but convenient, passwords. When a user logs onto a system using Windows Live, access data will be synchronised between computers.
The credentials manager will collect access credentials for applications on first use and then use them automatically the next time the password is requested, just like a browser. The first application to use the new digital safe will be Internet Explorer 10, but Metro apps will also be able to store passwords using a special API.
If the Windows Live password falls into the wrong hands and is then changed, the user will still be able to log onto their computer. Windows 8 will accept the last password successfully used to log onto the system. To enable the legitimate user to regain access to their account, they can request a confirmation code be sent to a mobile phone number or email address registered with Windows Live. If the user did not enter these details when they registered with Windows Live, they will be required to do so the first time they use Windows 8.
Source (H-Online)