Ian, I'm sure Microsoft is reading this as well, it is up to MS to decide what complexity they required for this site. Of coz for community sites this can be a little bit overwhelm, but heck we all have our own opinion.
For your concern about many passwords, I think it is up to the individual on managing those passwords, I have at least few hundreds, and out of that 100+ is my own and not work related, I maintain two different encrypted files to keep tracks of the password, and for work related, my peers keep the same copy of encrypted files, and for personal one. I let my wife know where I put it and how to unlock it in the event errrr I'm longer available :) and those personal related passwords are not related to community/forums/newsgroup, web memberships etc. For these type of password I just put it on a simple excel file and secure it password, even it got stolen i don't care much at the impact.... at most the attacker can post here under my name. yet. what's the big deal about this?