In previous versions of Internet Explorer (4.0 - 6.0), all type of passwords that the user type while browsing (AutoComplete passwords, FTP passwords, and HTTP authentication passwords) are saved in the special location in the Registry known as the "Protected Storage".
The Protected Storage PassView is a small utility that display all Internet Explorer passwords stored in the Protected Storage, and it works great with version 4.0 - 6.0 of Internet Explorer.
But if you try to run this utility after installing version 7.0 (Beta) of Internet Explorer, you'll find out that newly typed passwords are not display in this utility anymore. The reason for that is very simply - Microsoft probably decided that the Protected Storage is no longer a safe place to save the passwords, and they simply decided to save the passwords in other locations.

So, What is the new location that the passwords are stored ?

• HTTP Authentication Passwords: This type of passwords is saved in the Microsoft Credential file, under Documents and Settings\\Application Data\Microsoft\Credentials\, together with login passwords of LAN computers and .NET Passport passwords.
  You can view this type of passwords with Network Password Recovery utility, starting from version 1.03.

  Notice: HTTP authentication passwords are displayed as "Password-protected sites" in Protected Storage PassView utility

• AutoComplete Passwords: This type of passwords is saved in a completely new location in the Registry: HKEY_CURRENT_USER\Software\Microsoft\Internet Explorer\IntelliForms\Storage2
  
• FTP Passwords: In the Beta 2 of IE7, passwords of FTP servers are still stored in the Protected Storage, in the same manner that they are saved in previous versions of IE, and you can still use Protected Storage PassView to view them.
  In the Beta 3 of IE7, the FTP passwords are not saved in the system anymore. This behaviour might be changed in the final version of IE7.