Yes but a) assuming your password file is invulnerable is stupid otherwise we would all just use plaintext, b) multiple rounds are great but tbh only exist because the current crypto algortihms are so fast so you have to multiple cycles to slow crackins and c) salts are great but if you have a fast algorithm factoring that into your cracking process isnt impossible.
TBH though most of these issues boil down to the fact that MD5 and SHA are stupid algorithms to use for encryption and if you take the encryption uses of the algorithm out of the equation then faster SHA is great for file integrity checking.