the whole point of masking is so that you don't give away your password when you are using a projector(giving presentations etc)...this is no different than not masking the thing at all
Well, that's certainly part of the point, but it's also to prevent casual shoulder surfing/people walking by/etc...
I guess I'd prefer to see something like how the iPhone handles it, where each char is shown for split second before being masked. It lets you see that you haven't typo'ed, and yet ensures that your whole password is never sitting on the screen.
