I prefer using a program like Password Safe (http://passwordsafe.sourceforge.net/), and use a safe password that's a long sentence (with punctuation). Then I can use arbitrarily long and complex passwords for all my accounts, and not have to worry about memorizing them individually. The password safe can even be synced across computers using Dropbox.
I prefer KeePass simply because it's got implementations on multiple OSs, as does Dropbox (to sync the password database file). So I've got it on my iMac, Android phone, Windows laptop, and Windows work PC.
GPG-encrypted free-form file (though it's fairly structured), edited via vim and a well-known "auto-encrypt/decrypt GPG files" configuration: http://vim.wikia.com/wiki/Encryption
(Actually, from that page, vim now has built-in blowfish encryption, which I'll have to look at -- yet another argument in favor of sharing tips on the 'TarTubes: you may learn something even when you're sharing your own knowledge).
