Not quite sure what you're looking for here; "passwordless" logins (no password on a private key, as described in the original question) are always a bad idea, and the only situation I've seen to try and justify them (automatically logging into a non-shell account to trigger a predefined server-side script which runs any time that key is used to log in) can be replaced with much more secure manners.
However, "passwordless" logins in the conventional sense (using private/public keypair instead of keyboard interactive or password), are generally far better as long as you can keep the private key secure, which is most commonly done by encrypting the key with a password. While yes, you chose to protect your key with a password, that's not a part of the authentication as far as the system is concerned (the key itself is all that the system cares about, not what you have to do to provide it), so this is what most people refer to when they say "passwordless" logins.
What default passwords or lack of thereof can lead to: http://nakedsecurity.sophos.com/2009/11/08/iphone-worm-discovered-wallpaper-rick-astley-photo/
– octosquidopus – 2012-01-03T19:26:15.277According to this answer passwordless logins are MORE secure! http://security.stackexchange.com/questions/9870/secure-ssh-passwordless-logins-more-secure
– flashnode – 2012-01-03T19:41:32.117