The thing I like about the password is that it does not involve any additional technology dependencies.
GitHub is going down this road, too, announcing that they will soon disallow password-based auth on git operations.
I'm not sure if I will keep using it after that, because having to log into the website from every workstation, some of which may not even have a browser "good enough" for github.com, is more extra work than I'm willing to attend to.