How does this compare with using multiple profiles and the -no-remote flag? Does this manage only cookies, or does it also separate local storage (HTML5 session/local/global/web sql database), webcache, window.name caching (if the same tab can use multiple profiles), web history, flash cookies, for those who still have flash installed, etc.

People might get a false sense of security if all of these methods of saving data in the browser are not also separated along with cookies.