From what I understand, they've moved on from that structure. I believe that was one of the things talked about after the release of HL:A, with one of the employees saying that it was part of the reason the game actually got finished. That said, its been a while and even assuming I'm not misremembering information rarely leaves Valve, so I could be wrong.
Edit: I'm wrong. See sp3ctr4l's comment below.
To oversimplify:
Very secure, unique passwords written on paper and stored safely > Local password manager using secure passwords > cloud/synced password manager with secure passwords > anything with insecure passwords.
The trick is, will you actually maintian these security practices or will you start getting lazy if its too inconvenient (such as using a long password, and having to manually type it out).