I would go one step further and use unique passwords for certain types of services. I would even say use two factor authentication when possible and or something like a Yubikey.
Yea, always unique password for everything service.
This is a typical password that I would create and use.
%LVfs4CUa&Sp0Rz@2itB8
Only thing that sucks is some services use 4 character passwords... outrageous i know!
Side story...
A couple years ago a supermod we had on our site was really lax on his passwords. I mean, his gmail, forums etc were all like <name-dob> as his pass.
A spin off site started and they started poaching members. We watched pms, censored, etc. But people had Blackberry groups, chats, myspace etc so some people migrated. But the spin off site guy was dodgy and was a known scammer (scraping content from people, rehosting etc) and was able to write a script that when a certain user entered his username and password, it would write to a text file. So of course my one mod went over to the site, tried to log in 2x, it failed, on 3rd try it worked. The scammer guy took the details, logged in and deleted 100k and around 150k attachments. All the posts were recovered but we didnt have 100% success with the attachments. We had server logs showing the originating ip and he was a former member. It all matched up but what can you do.... we resolved the issue over the course of a couple hours.
My favorite part was my mods having a discussion in the admin area as to if they should call me and wake me or wait and see. The transcript was awesome, something like this over the course of 4 hours...
guy 1 - dude just deleted a whole section
guy 2 - should we call rick?
guy 1 - maybe its rick doing it, clean site up?
guy3 - I dont think rick would delete this stuff
guy1 - OMFG ALL MY POSTS ARE GONE!!!!!!!!!!!!!!!!
guy 2 - rick is sleeping should we call???
guy 1 - why would that mod delete my posts, wheres rick?
guy 2 - should we call Rick?
guy 3 - anyone notice the how to section is gone?
guy 2 - should we call rick?
guy 1 - im sending rick a pm
guy 2 - hes prolly sleeping
guy 3 - LOL, classifieds are gone
guy 1 - wow, thats like 25k threads so far!!!!