I agree w/ Guy - I think this new strength meter is actually TOO strong.
For the average user, being encouraged to create a password that is so complex that it can't be remembered means that they will have to constantly go through the password reset routine.

I use the Login Lockdown plugin to guard against brute force guessing attacks. Once you have that in place, lower entropy passwords are not such a risk. I'm not saying use "password" or "admin", but the current system rates "AppleBanana_1945!" or "applebananafriend45" as weak passwords.

Combine that plugin with usernames that are not "admin" and are never displayed on your site, and you're pretty good, I would say.

Would love to see the core move in that direction with security, but it doesn't seem likely to happen.