> as we've restricted the search space to a multiple of the number of common English words
Diceware uses a set of 7776 words. You select words from the list using 5 dice. 5 words, picked using 5 rolls of the set of 5 dice, gives you about 64 bits of entropy.
> A five-word Diceware passphrase has an entropy of at least 64.6 bits; six words have 77.5 bits, seven words 90.4 bits, eight words 103 bits
Because our attacker knows that we've used Diceware, and knows what diceware wordlist we used, and knows that we've used a 5 word passphrase, there are 7776^5 phrases to try. That's 28,430,288,029,929,701,376.
http://world.std.com/~reinhold/dicewarefaq.html
I'd be interested if you think Diceware is broken.