Given what I do, I tend to be pretty interested in technologies that will allow me to do away with passwords altogether. One area that's shown promise in the past is the use of graphical passwords (again, demonstrating that passwords are an antiquated term here since graphical passwords have nothing to do with 'words' at all).
Here's a fascinating article on some research done by some college kids on this topic: http://searchsecurity.techtarget.com/originalContent/0,289142,sid14_gci1000783,00.html
What I found interesting was not the concept here, but the findings that even these schemes will be fairly easy to crack given knowledge of human nature. 🙂
p.s. I like how the 'story scheme' is not un-like a pass-phrase or a password composed of multiple words describing something. The researchers point out that its better but increases the error rate as people 'forget the story'. 🙂