MakePassword allows you to have strong passwords without storing them at an external website that could be compromised. It generates passwords in a reproducible way so you get the same strong password every time you need it.
Passwords are generated from three pieces of information: the name of the entity for which a password is being generated (public and memorable), a passphrase known by the user (a relatively weak secret but not stored anywhere on the computer), and a file containing random data (a strong secret but one that might be compromised by an adversary who has taken over the machine). It is fine--but not necessary--to reuse the same passphrase for all of your passwords. Passwords can't be broken unless both of the two secrets are compromised or the adversary can crack MD5. Using a stronger hash function such as SHA-2 would be good, but the hash function is probably not the weak point in this scheme.
Since the script takes several arguments, it may be convenient to create your own script or alias that invokes this one and passes the appropriate key-file as an argument. The accompanying script 'pw.release' can be used and customized to your own requirements.
To create a key-file, I recommend the following command:
head -c 500 < /dev/random > <filename>
Written by Andrew Myers, c. 2010. Version of Oct. 23, 2012.