Suggestion #1 What do you think about allow us to create API keys for the purposes of using it for our password? We could also create multiple ones on the fly (similar to some SMTP services out there for example). Then, if we need to deactivate one for x reason it would not affect the others?
For example, like this http://screencast.com/t/9lAyjfU2G and this
http://screencast.com/t/yUjmojyrm to give you a idea of what I mean more.
Suggestion #2: This one may be more advanced but not sure. But, wanted to see if it is possible (but you would first have to implement #1 above for this to be applicable of course). As mentioned some SMTP service to just this. AWESOME for security cause we would not have to expose our username or password etc. Some are able to now not require usernames to be typed in the WordPress admin areas if using a API key as a password. So, for more security so we would not even have to put in our usernames in WordPress, what do you think of this? See http://screencast.com/t/MrIvwQBa (it is basically a username injection based on the API call).
Very interested to see your feedback on this one . . .