On top of never having to remember a passwordagain, Pico users would be theoretically immune from phishing attacks, choosing weak passwords, or even having their password stolen by an over-the-shoulder snoop.
Also, they could have used a simpler web-based OpenPGP-compliant service such as Hushmail, which would have at least protected their historical retained messages provided neither one of them logged on again and made their password vulnerable to a court-ordered java applet spoofing.