Thanks for igniting this discussion, Niten. While digging around, I stumbled onto this tool which others might find helpful:

https://github.com/lowe/zxcvbn

zxcvbn, named after a crappy password, is a JavaScript password strength estimation library. Use it to implement a custom strength bar on a signup form near you!

zxcvbn attempts to give sound password advice through pattern matching and conservative entropy calculations. It finds 10k common passwords, common American names and surnames, common English words, and common patterns like dates, repeats (aaa), sequences (abcd), and QWERTY patterns.

Sample results (including Tr0ub4dour&3 and correcthorsebatterystaple) and a demo can be found here:

http://dl.dropbox.com/u/209/zxcvbn/test/index.html