Sure, but then all of your data is only as safe as that key server. And if you lose your key/password to it, you are just as hosed. It really comes down to two

Sure, but then all of your data is only as safe as that key server. And if you lose your key/password to it, you are just as hosed. It really comes down to two options: take care of your key by yourself, have best security and highest risk of loss or share your key with somebody else, reduce your security, and have a fallback against key loss. My company is working on easy-to-use security. One of the things we are looking at is a middle-ground using key-splitting algorithms to give you very nearly as much security as the first with the fallback of the second.