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It is ONE click away from a regular username and password and you don't need to share your password with any other site than your provider.
OpenID 2.0 is expected to be final in the next few weeks and i-names are easy to register. I am sure in the near futures services will sell you a complete package of OpenID/i-name for a low fee or free.
I'd rather stick with OpenID where it works and use 1Password in the meantime.
As far as SPOF, this will be true in any system: if you take code from somebody, you trust that somebody. So, it's better to receive code from one party, and service from another. That way you trust the code provider, but not the service provider. With JavaScript, code provider and service provider are the same (since JS is served from the same server that provides you the service), which creates this "constraint". We just mention this issue honestly, instead of hiding it, but truly it's not only our problem.
Either way, Good luck!
- Adam Hirsch, Mashable.com