It'd be nice they allowed secondary passwords for eg google talk. I don't much care for having to hand out my full credentials just to use things like bitlbee/meebo.
From the screenshots (don't have access yet) it seems that you don't get to specify the type of application or access, but I would assume there is some limitation on what you can do with these passwords?
That said, check out the “application-specific passwords” part of this offering. It may do just what you need.