When I signed up for StackOverflow, I typed in "http://jrock.us/ as my OpenID, and was finished. No password, no email, no "click this link to confirm your email", etc. If SO gets hacked, they have no useful information of mine. If my OpenID provider gets hacked, I remove a few lines of HTML from my index.html page, and can use a different provider. There is only a tiny window where my accounts can be compromised. Either until I take down the redirect, or the provider itself is taken down.

(Compare this to the Perlmonks debacle, where my plaintext password is now known to the world, and I had to change the password on every website I've ever used. That is what I consider "complicated".)