Yep. Why does it seem like most new sites still roll their own reg? OpenID/Facebook Connect/etc all seem like better choices.
I once tried to establish an OpenID account for stackoverflow, but it was too much of a hassle so I didn't bother registering. Users can just reuse names and passwords. It sucks from a security perspective, but unless you can make it transparent to the user, you're pretty much boned because no one will want to use it.
When it's something as crucial as keeping track of your customers and users, don't "outsource" it unless there is a very, very compelling reason.