Soldato
I usually have 3 different type of password - going up in "layers" of security
Layer ONE - basic sites that are not that big a deal, blog commenting etc, not to complex with a few numbers switched in and out.
Layer TWO - online shopping which are longer and more complex.
Layer THREE - saved for banking and email - the longest and most complex.
Rich
I use some thing along these lines too although with some varients for one reason or another.
Tend to keep them all in a spreadsheet on a truecrypt partition.