The problem with this approach (Score 5, Insightful)

One of my college professors actually outlined a similar scheme several years ago. But (as he admitted) it had a fatal flaw: the keyspace was too small. In other words, it is not hard to assemble a list of under 50 possible passwords or two-letter combinations that describe a given inkblot.

The other flaw (which is less serious) is that this strategy is only effective when the user has to remember a small, finite number of inkblots. If a user is forced to memorize a few hundred inkblots to cover the dozens of passwords he needs on a daily basis, this mnenomic technique loses its value.