At least for the short to medium term. That is the, quite obvious, conclusion drawn in a Newsweek article entitled "Building a Better Password." The article goes inside the CyLab at Carnegie-Mellon University to understand how passwords may one day be replaced. It is interesting reading all around.
The article is not without some "really?" moments though, such as this quote:
The idea of passphrases isn't new. But no one has ever told you about it, because over the years, complexity—mandating a mix of letters, numbers, and punctuation that AT&T researcher William Cheswick derides as "eye-of-newt, witches'-brew password fascism"—somehow became the sole determinant of password strength.
Actually, I do believe someone did tell you about it. Five years ago now, in fact.