"Password vaults are likely to become more widely used out of necessity."
A long time ago I memorized my passwords. They started with simple six character passwords to more complex 10 characters. Later as complexity requirements became more disparate between systems, including aging and having to retire otherwise good passwords, I gave up and started saving them, instead.
I use the built-in password saver in Firefox with a master password and FIPS enabled (http://luxsci.com/blog/master-password-encryption-in-firefox-and-thunderbird.html) and with my user profile encrypted by Windows EFS. I use apg (http://www.adel.nursat.kz/apg/) to generate random passwords as long as 48 characters and with character sets dependent upon site requirements.
To my aggravation many web sites do not allow me to save my password. To mitigate this I have a bookmark button with Javascript code to strip all autocomplete=off from the forms. I get more aggravated with sites which have maximum lengths or do not allow certain special characters. So far as I know, if you hash what you get from the user it should not matter what is used for the password,assuming it meets complexity requirements.
Sure, I could get a third party password utility, but I feel that I should be allowed to use the built-in utilities available to me. While my way does have its weaknesses, and I know not everyone manages passwords much worse, the situation is no less aggravating.