[michaeltoth]

I think this is a good idea for a site, but I'd caution that it could give users a false sense of security. As the site gains popularity, the site-specific passwords are only as secure as the master password used to generate them. Therefore it is still important to choose a strong master password when using this tool.

This may be obvious to users here, but to most people the fact that the generated passwords seem random may lead to a false sense of security in this matter.