Cross-Origin Resource Sharing (CORS) - am I missing something here?
But what if malicious code on the page wants to POST a user's sensitive information to a foreign site?
What about it? You can already do that without CORS. Even back as far as Netscape 2, you have always been able to transfer information to any third-party site through simple GET and POST requests caused by interfaces as simple as form.submit(), new Image or setting window.location.
If malicious code has access to sensitive information, you have already totally lost.
3) Page wants to make an XHR request to malicious.com - request rejected locally
Why would a page try to make an XHR request to a site it has not already whitelisted?
If you are trying to protect against the actions of malicious script injected due to XSS vulnerabilities, you are attempting to fix the symptom, not the cause.
Your worries are completely valid.
However, more worrisome is the fact that there doesn't need to be any malicious code present for this to be taken advantage of. There are a number of DOM-based cross-site scripting vulnerabilities that allow attackers to take advantage of the issue you described and insert malicious JavaScript into vulnerable webpages. The issue is more than just where data can be sent, but where data can be received from.
I talk about this in more detail here:
It seems to me that CORS is purely expanding what is possible, and trying to do it securely. I think this is clearly a conservative move. Making a stricter cross domain policy on other tags (script/image) while being more secure, would break a lot of existing code, and make it much more difficult to adopt the new technology. Hopefully, something will be done to close that security hole, but I think they need to make sure its an easy transition first.