This was actually the method i used for my Exchange password at Macromedia, after i got sick of having to change my password every two months or so. A quick-to-type password with a slight character rotation for the next iteration.
I am sufficiently neurotic about it that when I have to change a password (or make up a new one) I deliberately pick a completely new pattern, instead of mutating a current one a bit. This can sometime suck, such as when I have to change from a password that had a really great pattern to a less nice one.
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