1. Most people use the same or similar password, so once one account gets hacked, the attacker is probably able to use many other accounts on different services with the same email address/password combo.
2. It's easier to spot services that spam, or that leak your email address (I became aware of a leak of email addresses on Box... luckily it was only emails that got leaked, at least according to Box support).
3. It's easier to block spam, once a service misbehaves or gives away the email.
I wrote a little more about using it as a "passwordless password manager" at http://blog.gingerlime.com/2011/passwordless-password-manage...
update: (if blog post is too long...) this does not mean setting up hundreds of different email accounts. On most services like hotmail, google and yahoo you can simply append some unique string to your email address, e.g. john+f820938422@gmail.com. Making this unpredictable is important however, so appending +facebook and +twitter is not helping much though...