Be afraid, very afraid
Source: http://www.schneier.com/blog/archives/2006/12/realworld_passw.html and http://www.wired.com/news/columns/0,72300-0.html
… The attack was pretty basic. The attackers created a fake MySpace login page, and collected login information when users thought they were accessing their own account on the site. The data was forwarded to various compromised web servers, where the attackers would harvest it later.
MySpace estimates that more than 100,000 people fell for the attack before it was shut down. The data I have is from two different collection points, and was cleaned of the small percentage of people who realized they were responding to a phishing attack. I analyzed the data, and this is what I learned.
… Common Passwords: The top 20 passwords are (in order): password1, abc123, myspace1, password, blink182, qwerty1, fuckyou, 123abc, baseball1, football1, 123456, soccer, monkey1, liverpool1, princess1, jordan23, slipknot1, superman1, iloveyou1 and monkey. (Different analysis here.)
The most common password, “password1,” was used in 0.22 percent of all accounts. The frequency drops off pretty fast after that: “abc123” and “myspace1” were only used in 0.11 percent of all accounts, “soccer” in 0.04 percent and “monkey” in 0.02 percent