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I think for a lot of people their email password would essentially act as a single point of failure anyway. An attacker could go through the email and use recover password on any services they find.

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Indeed, regardless of how you choose your passwords email is a huge target. It's good to see Google and Facebook trying to thwart this by adding account activity information, etc.

Every few weeks I go to gmail and search the term "password" as well as some of my more commonly used passwords and permanently delete those messages. I'm forever annoyed when a service sends me my password via email.

Not if you have a dozen different email accounts with different passwords.

Breaking to any of your e-mail accounts may allow the attacker to impersonate you and start social-engineering attacks.

I do believe that the single most important account for one to protect is one's e-mail account.

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