I did some testing with the trezor today. i created 2 "accounts" with 2 diffrerent passwords.
I have a suggestion, to improve plausable deniability:
The problem with passwords is that people know there is (at least one) password set on the device when it's plugged into the computer. I think it would be a great feature if the inlog box doesn't show up so you can create an account that is NOT password protected. To log in, you need to press a certain combination/pattern on the trezor device. For exampel "left right right left" and then (IN EVERY CASE, not just when password is set) the log in box will appear.
If this is implemented, you can even deny that you know a password can be set on the device
Just a suggestion
I'm very impressed with the lat-your of mytrezor and with the smooth proces of signing transactions, loggin in. The updating of the firmware was really easy!
GREAT PRODUCT!
edit
t: second feature I would be happy to see it that you can give names to a certain account in stead of "Account#1", "Account#2" and so on...
edit2: just want to mention that the recovery with wallet32 worked. I tested it with passwlord protected wallet.