Creating the Windows 8 user experience:
Do we know when the next consumer preview is out?
A picture password with just 5 gestures has 70,441,983,603,740 combinations. Compared to an eight character text password which only has 182,790,400 (thats also including numbers and other characters). When using just 5 taps alone and not even drawing any circles or lines you still have 15,344,276,658 combinations.
Where are you quoting that from? As you say, it's waaay off.