I know Ilium Software as a company that creates great software for Windows Mobile devices (Pocket PC & Smartphone). So, I was surprised to note that they have a nice Windows freeware called...

Ilium Software PassBuilder

...that generates passwords for you. Its simple interface lets you define a couple of parameters that makes sure the password fits your needs by letting you define allowable characters and setting memory aid levels (how "word-like" a generated password looks).