So this is essentially delegating authentication to the user's Email service. Delegating authentication seems like a good idea: fewer passwords to forget and more conveniene. So why not delegate to a proper authentication service like OpenID?
(Seriously, that's a question: Why don't more people use OpenID? Is there something wrong with it?)
(Seriously, that's a question: Why don't more people use OpenID? Is there something wrong with it?)
http://openid.net/get-an-openid/what-is-openid/