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NSL and the Notes ID vault are orthogonal features
Notes Shared Login handles encryption and decryption of the ID file while the ID is stored "at rest" on the local client workstation, whereas the Notes ID vault vastly simplifies and improves ID file management, backups, synchronization across multiple copies (including ID files in mail files for DWA/Traveler/BES), password resets, and much more.
Managing the user's password is only a tiny slice of the pie -- the ID file is chock full of keys, certificates, and other data critical to the operation of the Notes client, and managing the ID file is where the Notes ID vault shines.