@GDuncan411 - Thanks for the awesome post, made my monday
@Andy - I do not agree it is overkill, I needed a system in the cloud that is reliable and has a great API. SQL Azure databases provide that. Also remember that the DB is hidden from usage, you as a user do not need an Azure account.
@olfeng - You exactly right that you can do that, I do that with SugarSync in fact. This however is the first release, something I want to do in future is sync more items (Extensions, TFS artifacts) which you can't do and secondly also want a way to share settings without needing a username & password so that if have a great setup you can easily share it out.
@Corrector2 - Visual Studio already has the export settings to file feature built in (in fact I am using it via the VS SDK to get your settings), so you already sorted