I don't know if some of you read hackaday, but reviewing my rss reader I've seen that they plan to develop some kind of password external storage, even with OLED and all! 

Articles about it:

http://hackaday.com/2013/12/06/developed-on-hackaday-lets-build-some-hardware/

http://hackaday.com/2013/12/09/developed-on-hackaday-first-feedback-from-users/

I don't like the idea of smart-card reading with microcontroller, but anyway, is another approximation to password security. Will see how this ends ;)
--
Felix