It was a great idea, however after using it a few years I think it does not really help. Even in the best possible case where you login with a password to a single site, it is too difficult to remember. Particularly since you never quiz yourself before it really matters. If there was a more active process where you had to identify if a given image was correct or not or the connection would be dropped then maybe you would learn it well enough for when you needed it. Much better to use public key authentication.
Kinda fun as abstract ascii art, though. I still enable it :).
