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I don't really see a situation in which someone has local file read access on your machine, but doesn't otherwise have you completely owned.

[dcbadacd]

A regular keylogger won't no longer work with a hardware token for example. Yes, having your PC compromised is bad but it would be even worse if the keys can be stolen and used elsewhere, it just rises the bar significantly for getting persistent access (re-establishment without the token is really hard) in my opinion.