Going to all this trouble to generate an admittedly excellently secure password continues to pass the burden of good passwords on to the end user whilst doing nothing to alleviate the core problem, namely that I have to regularly use about 10-20 passwords each day.
My preferred solution is www.passwordchart.com
In this, I select one very good password/passphrase (for which I could use this method) and then I use an indicator of where I'm logging into to generate site/program specific passwords, e.g.,
Phrase: cleft cam synod lacy yr wok
Password: 123facebook321
Generates: yb63476F9xk6RjGVyp6yp6Hj8347b6y (with +Include Numbers ticked)
Phrase: cleft cam synod lacy yr wok
Password: 123twitter321
Generates: yb6347963m6mj963963RjfRd347b6y (with +Include Numbers ticked)
So, for my remembering one complex passphrase and one strategy for generating passwords I can generate strong, complex passwords for any site I need and don't have to remember a single one of them. The only pre-requisite I have to get into a site on another machine from my own is that I have internet access (or have a printed copy of the matrix, or something like that).
(My dependence on this website is the one weak link in this, and I have actually implemented something similar on my own webspace that I just need to tweak usability for a bit before I switch over.)