Apparently this has been percolating for a while, but I just now found out via the Spiceworks Forum post.
AuthLite v2 doesn't directly deal with non-domain accounts, but I know from many customer conversations that local admin accounts are a necessary evil, for emergency recovery if nothing else. Our customers want to be able to secure these accounts, but many end up just using a common password for all.
The inability to centrally manage these passwords led to a raft of third party apps, and many administrators flexed their scripting muscles to come up with bespoke solutions.
Microsoft's new solution (LAPS, the Local Admin Password Solution) is certainly welcome, and I will now be able to recommend this as a great way to have a strong backup admin account that is banked in AD and not reliant on any third party solutions (even ours :)