An algorithm-on-a-chip (with tiny keypad and LCD) never stores any sensitive data. It's never connected to a potentially-compromised desktop. It can't be brute-forced, since there's nothing present to "unlock".
That's fair, but its also slightly different from your original proposal as it now explicitly requires custom dedicated hardware. You originally just stipulated "hardware assist" and allowed for "trusted desktop" or other otherware (e.g. smartphone/tablet/etc..)
Its not a practical solution if it doesn't actually exist.
Although there might be a market for a such a device.
It also still requires you need to memorize a password (even an easy one) for each situation. I have well over 100 passwords; and could not remember them all even if they were "easy" -- some I don't use for over a year at a time, unless I relied on a system -- and relying on a system breaks down as soon a site is compromised as I would then need to come up with a new password that deviates from the "system".
I would suggest that perhaps a combination of the two is the holy-grail. Password safe-like functionality for the majority of relatively unimportant passwords, and then some dedicated hardware for a smaller subset of important passwords.