What were the drawbacks of RS232 again? The possibility of opening a terminal through the connection? I seem to remember that was fairly easily mitigated, but I can't find the thread now. I just ordered a Raspberry Pi (actually two, one from BitMit, one from Newark) to set up as an offline wallet storage box. Eventually I wanted to connect it to my main computer via RS232 and play with that idea.
That's basically it. You can say that it's easily mitigated, but it's a potential disaster if it's not.
Take this for example: someone wants to do offline transactions, hearing that Armory is a super-secure way to do it. So they download Ubuntu, grab some RS232 hardware, and set everything up. The problem is they downloaded the wrong Ubuntu version, and it comes with drivers or modules that they weren't expecting. Or they're just oblivious anyway because they heard about how secure Armory is, what could go wrong?
You might say: "Well, even if they get the login prompt, it would take a while for someone to figure out how to compromise it." I guarantee you that a large number of users (correlated with the same ones that do the previous part carelessly), their login and password for the offline computer and wallet will be one of the dozens of website logins&passwords they have saved in Firefox (Edit->Preferences->Security->Saved Passwords->Show Passwords). And the attacker probably got there because the user never changed their primary computer password after the same one they used at Mt. Gox got compromised last year.
I don't mean to suggest that the RS232 link is useless. It's just something that I can't promote as a general solution because of the counter-risk associated with doing it incorrectly. Most of the other solutions proposed here, if you do it incorrectly,
no one gets signatures from the offline computer, including the intended user. The wallet will remain secure, just inaccessible until they figure it out.
As I've said in other posts: I end up with most of the blame when a compromise does happen, so while it's easy for others to say "ahh, careless users are not your problem"... well I disagree. I'd like to think that part of the reason Armory is successful is because I try
really really hard to prevent newbies from shooting themselves in the foot (as evidenced by the endless warning dialogs and corner-case checking).