Reaaaallly bad, especially as some folks use the same passwords for many things. Can't believe that they took that long.
The reason why is that if your email password is the same as their PSN (and I'd wager MANY people use the same passwords) then it opens a huge can of worms. Email, if not cleared out, contains messages regarding purchases, places you're registered and more. With an email account you can get into nearly anything they use online, as "password reminder" or "password reset" both go to said email address that they have access too...