One example of extreme login security that I've seen is with treasurydirect.gov. Password: min 8 char, 1 letter, 1 number, 1 special. Mailed key card: 7 x 5 alpha numeric grid with a random 3 char series ((A2, G5, F5) for example), 1 out of 3 sets of 10 digit numbers on your key card, 3 security questions on unrecognised computers (out of around 10 - you must remember which 3 questions you set and answer them appropriately), and to top it all off, no keyboard entry - you have a randomly ordered soft keyboard that must be clicked for all password and keycard entries.

Personally, I think it's overkill, but I'll admit that I wouldn't envy anybody tasked with getting someone's account.