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Decius comments on [LINK] Using procedural memory to thwart "rubber-hose cryptanalysis" - Less Wrong Discussion
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The biggest flaw I can see is that it becomes trivial to forget your password. The system is thus only as secure as the backup system.
I think that the intention is to make forgetting your password as hard as forgetting how to ride a bicycle. Although I only remember the figure of '2 weeks' from reading about this yesterday.
It's only as valid as identifying someone by how they ride their bicycle. Any number of neurological factors, including fatigue, could change how someone enters the 'password' provided.