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Security behind the windows 8 eye

I use the Windows 8 operating system. Whenever I navigate to the login page of Internet Explorer 10, or even the login screen of the operating system, I see an eye symbol at the end of the password input.

Screenshot of wifi input box: "Enter the network security key"

There is always an eye symbol in password inputs. When I press the eye symbol, the password is visible in plain text.

What’s the security of this eye? Is this a vulnerability in Windows?