Other responses have been pretty accurate so far. The only other thing I'd like to mention is that the passphrase or password that OP describes should not be confused with a NXT passphrase or a Bitcoin brainwallet passphrase. For the latter two, a far higher level of security is required since you are dealing with not just a single attacker but dozens and possibly hundreds of attackers distributed all over the world using precomputed rainbow tables which can crack wallets in a manner that is not computationally expensive.
For the typical wallet password you might use to unlock a Qt or Electrum wallet, 12-20 random characters with a combination of uppercase and lowercase letters, numbers, and symbols is usually considered to be sufficient for the short to medium-term future. Keep in mind that Moore's law* states that computing power will double every 18 or so months so a password that is considered sufficient today might not be sufficient 20 years from now.
For a NXT passphrase or Bitcoin brainwallet passphrase, you really don't want anything under 30-35 characters in length and 50+ character passphrases are usually recommended. Mine, for instance, is 560 characters in length with uppercase and lowercase letters, numbers, and symbols.
*Yes, I'm aware that some predictions show that Moore's law is slowing down and will cease to remain true in the future but that's just hypothetical at this stage and beyond the scope of this thread.
EDIT: And for those who say that you shouldn't use words, this is mostly true. However, a sufficiently long and randomly generated list of words from a large enough pool should be uncrackable by any brute force method. Some people might find a list of English words to be more memorable compared to traditional passwords. Electrum uses this method, and so does NXT. And while these programs use 12-13 words to generate their passphrases, a lower number (e.g. 10 words) might be sufficient for encrypting a wallet.dat file.
Long passwords may be seen as "strong passwords" but they might not be.
For instance;
if you use english letters only 10 char password; there're 26^10 different possibilities.
260.000.000.000
if you use alphanumerical 10 char password; there're 36^10 different possibilities
360.000.000.000
if you use alphanumerical + special chars (let's say there's 20 different special char like /,*-?=_ etc) total 8 char password; there're 56^6 different possibilities
~1.736.000.000.000
Also check this;
1,000 guesses per second isn't a good assumption given that a.) the comic assumes that you're target is a web service, and b.) modern computers are capable of better speeds than this anyway. I think an ordinary computer is capable of 50,000 guesses per second.