Worse, systems like yours usually ask for a new password when you log in again, but complain when the user supplies "password" or "letmein" because it doesn't have enough @ signs. And then it complains again when the user picks a password he's used before.
Maybe that's fine if you're a bank (though all it does is shift the plain-text password storage from your database to a sticky note on the front of your user's monitor), but if your site is just another URL shortener or whatever, I simply don't care how you store my password provided you can give it back to me intact when I ask for it.
For my own projects I don't set any limits on passwords that people enter - if they want to use an insecure password that's their problem.
A password that they can remember beats a password written on their monitor, even if it's not that strong.
Not to mention that 37signals accounts are paid for - so there's a much higher incentive for people who forget their password to go through the flow to recover that account - otherwise they'll be wasting their money!