Strong passphrases is also not enough, unless the passwords are unique across sites. Some HN users may use unique passwords, but normals don't. I don't do it with 100% regularity.
I suspect the real result of such a scheme is that everyone's private keys to everything would be sitting around unencrypted on USB drives and written on pieces of paper, so it would be even easier to steal their identities.
I think the solution is still -- use a password manager, and then it's easy to keep track of unique passwords across sites.
That's not quite the way it works. There is no shared secret required. With my public key you can create an authentication challenge that allows you to validate my identity without ever seeing my private key (or, for that matter, you can send me a message that only I can read).
Why would you want to use (e.g.) an RSA key for authentication, forcing you to carry around a data fob or something from computer to computer, instead of using a password or passphrase that you can actually remember? Ordinary users would flip out if you asked them to do that. If you really want a super strong key, you can simply use passphrases that don't suck, or you can always use a password manager like KeePass that encrypts your weak passphrases with a strong master key.