One fundamental problem with the idea of passphrases is that they are sometimes (often?) longer than is allowed by the website being accessed. One important website that I must access limits passwords to 10 characters, and forbids special characters. Another one ignores case in passwords.

My solution to the password problem is to use a password hash generator. I only have to remember one master password, and an identifier for the website, and the generator gives me a 12 character random password that includes upper and lower case letters and digits.

This discussion assumes we are talking about passwords for websites.