[tripzilch]

> The question then is, will 3 random words really be easier to remember than 8 ASCII printable characters?

In a sense, yes. The xkcd comic also illustrates this. A common technique to remember a sequence of arbitrary things is to transform the things into concepts or objects, and transform this sequence into a ridiculous story or visual image (the crazier it is, the better it sticks in the mind, plus it's more fun).

If you use words instead of random characters, you get to skip the "transform into concepts or objects" step, as well as you don't need to string as much of them together in a crazy but coherent picture/story.

Of course it's important to build the picture after the words, not the other way around, because then you'd probably lose some entropy again.