I like the ability to use a pass phrase instead of a pass word.
Rapidly increases the entropy of the pass-code as long as it does not decrease the collision rate with the one-way-hash, in the case that it is extracted and salts are not used to make it useless information.
But regardless of the strength of the password, I still shudder most at the "password reset services" which return the same initial password or return the clear text password to you for the "ah ha" moment (so that you are not confronted by it when changing the password because it was the previous one as well - the one you could not remember...). This means that the password storage is reversible or sufficient information is transferred in application programs for an admin to be able to snatch the clear text password of all users. That should simply not be possible and not supported as application users do not have any contracts and NDA agreements with system admins and service providers and their admins.
In this latter case it really does not matter much what your password is.
Cheers,
Julius