Personally, I trust netfilter/iptables' rate limiting more.
Frankly, the problems with key security and management are much worse than are being discussed. Using only keys is fine as long as your keys are secure and you know which is which and control all access and immediately remove any key which needs to be. In a complex environment, this is extremely difficult and more prone to security breaches than password access.
On the other hand, the last place I consulted for had their private key for production checked in to the main git repo, unencrypted. :-/
This is true but as often is theory and "life" don't agree about the practice. This is exactly my point. If you could enforce a non-blank password on keys then I would change my tune at least a bit.