I understand that they didn't salt and that that makes it easier to get the passwords. I guess what's worrisome is that from what I've read there were some reasonably secure passwords whose hashes were decrypted - passwords along the lines of "34IDdka]o43';s/A". I don't think passwords like that can be decrypted in a few days, even using a bunch of GPUs. So, are we to understand that passwords like that are in some giant rainbow table? That's what's bothering me about this.
Yes. It should bother you.
Without salt it is easy to precompute and store passwords years in advance. When you get a hacked password database you simply "look them up". The hash of an input will never change so the hash of "34IDdka]o43';s/A was "7c6fbf7e2bfceb28c7be5e5e669864a8f0fb079b in 1992, it is still the same today, and it will still be the same in 2099.
Now with salt they can't precompute the passwords but they can still brute force them much much easier than many people think if the hashing algorithm is fast.
A rig box = 50 billion hashes per second. To put that into perspective,
to brute force SHA-256 hashed passwords even with a 64 bit random per password salt would only take:<1 sec to attempt a database of 20 million (known, leaked, common, and dictionary based) passwords.
<15 seconds to attempt all 6 digit or smaller passwords (A-Z,a-z,0-9, and all printable symbols).
< 30 minutes to attempt all 7 digit passwords.
< 2 days to attempt all 8 digit passwords.
Now that is with a single RigBox. Botnets can easily be 10x, or even 20x more powerful. A hacker which needs password fast (before users change them) can rent 100x as much computing power. Hell if you need a metric the Bitcoin network is ~10TH/s. If "rented out" it has the computing power to brute force all 9 digit and smaller passwords in less than a day.
A strong password is not enough. Three elements are required (and sadly even some in the Bitcoin community treat it as optional):
1) A strong password (which means website checking new password against lists of know and compromised passwords)
2) A slow hashing function (bcrypt, scrypt, pbkdf2, etc)
3) A large random per record (64 bit) salt
Anything less is insecure. How insecure varies (from trivial to tough) but it can and will be broken given enough time and resources.
On edit: clarified a few points and fixed some horrible spelling.