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Re:A Really Good Article on How Easy it Is to Crack Passwords by ajanuary on Thursday September 05, 2013 @05:53AM (#6333110)
It's certainly better than just a password, and as you say is a nice balance between usability and strong passwords.

However, I'd be careful about thinking of it as any sort of 2-factor authentication and wouldn't bestow any of the advantages of 2-factor auth on your scheme.

A static secret, no matter how complex, doesn't really prove ownership because multiple people can trivially have a copy of the secret at the same time. So you don't have a knowledge and a physical factor, just a convoluted knowledge factor.

Better than just a password, but don't let it g e you a false sense of security.

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