Sure it does - It means you have two passwords, rather than a password and a piece of publicly-available information... Though the GP already gets that, I basically just rephrased his "type garbage, and save a copy" as something a bit more user-friendly.
That said, I otherwise agree with you completely - Though, I also don't really see the problem here. Biometrics would solve some of the usability issues with passwords, but at the cost of introducing entirely new ones.
Really, I think a lot of this comes down to "how much security is enough"? Sending an SMS for two-factor counts as far, far more than adequate 99% of the time; and that even counts as massive overkill 99% of the time. For virtually all uses, just using something like your favorite porn star's name is good enough.