Just encrypting the login page or a form action does not work.
Think about, say, browsing on some public WiFi network (airport, cafe, etc.), but it turns out it's actually a rouge access point. Or there's an MITM at the ISP or somewhere. If you hit an unsecured page, I can rewrite the links to be insecure, so now instead of going to https://login.launchpad.net, you actually go to an http page that I proxy to the real page, so you probably don't notice the difference and I can steal your details.
Same with the form - I can rewrite the form action to regular HTTP and seamlessly send it back to the HTTPS once I have stolen your details.
If you have anything that requires security, the entire domain needs to be HTTPS.
Then, of course, there is also the risk of session hijacking.