Can't you emulate a "brain" with a wallet file? For example, with BTC, using blockchain.info, you could import a wallet (so its in the "brain") and then later export (so its out of the "brain").
Am I missing something?
(My current thinking is bitcoin like addresses with a wallet.dat file, so I'm just trying to gauge the sentiment for this vs "brain" wallets)
yes, it could be as simple as a flat text-formatted file named wallet.dat that just contains a random string of 100 characters that is the passphrase for an account. A client can then open up any or multiple accounts by reading that file. In this case we are emulating how bitcoin-qt's unencrypted wallet.dat works, but theres nothing from keeping similar encryption done on the file.
or instead of a text file, it could be binary format, where instead of 100 character passphrase, its 256 bits of data representing the private key. In this case the client will not perform the first sha256 hash that it normally runs against the passphrase to obtain the private key.
The reverse may also be true, where in a custom bitcoin client you could use a single passphrase to represent a bitcoin account; not completely sure yet though - it would depend on the relationship between public/private keys that bitcoin implements.
Edit to add: yes a 100% brainwallet for bitcoin would be possible, as with bitcoin the public key is derived from the private key (just as it is with NXT)