The password idea is worth it
. Unlike contemporary password programs that are used on computers, where you type in your passwords and it "memorizes" them, all cached on a master account, this one erases the need to even generate them yourself (which allows for more security, because your access to all the separate sites is not tied not simply to a few re-used PWs, or a master-PW-attached-to-a-cloud-account, but a master PW attached to the physical phone itself, using a phone-ID-based algorithm to generate the other passwords.
Someone could brute force (or even guess) my master PW, and know my account name. On cloud software, this would be horrible - they'd have access to everything. However, with this system, they'd have 0 access to anything - the account is tied to the phone, so they wouldn't be able to access anything, and they'd know a "useless" password rather than the actual ones generated for site access.