mmmm, I agree that something must be done, but your solution seems flawed to me... You have one password to rule them all, if someone gets your master password, you are screwed, he has access to all the sites ever. I get that like this xkcd comic says http://xkcd.com/792/ (noticed how many things can be explained with an xkcd comic?), a lot of people use the same credentials for different sites, but that's another subject.