For low-security situations it looks good enough, but be aware that generating a password from full name + a memorable passphrase + site name + a counter is still pretty brute-forceable; the counter is presumably small (and hence adds little entropy), and American full names just add three fairly well-constrained words.

Also, isn't the counter a bit of state? Is the idea that the user has to remember it, or does the app remember it for him?