The project seems to be a effort to tie together a bunch of separate tools that together can replace Bitcoind that tries to do everything.
We probably think about these terms differently. So I translate in my head when I read this, so please excuse my misunderstanding. I never think of coins as stored on any machine except all of them, in the block chain, but to me it seems what you are saying is that you have coins spendable by a private key which is only sometimes stored on your machine?
A private key can be recorded on a machine, or not.
Do you mean the private keys are on your machine only at the time of a transaction?