That may sound contradictory or that it misses the point, but let me explain. The password can be used to locally decrypt a secret key that is stored on the server at registration time, and that is retrieved based on the username provided. What this achieves is a login system that covers the way social login/Facebook/OAuth is used, without giving any power to a 3rd party. The password never leaves his machine and the user is not dependent on any particular hardware or keyring.
So for all those "I can't trust this website with a secure password / I can't be bothered to signup" cases, you will have a strong authentication scheme that is as secure as your (salted and stretched) master password, and where you are guaranteed that a compromise on one of the sites does not spill over to the rest. Unless you choose to reuse a username, your identities will be independent and unlinkable, unlike any social login scheme, preserving privacy. The user complexity is similar to what regular people already know, usernames and passwords - you can even safely reuse a strong password. The essential difference is that you should trust only your device / browser with the password, not the site.