If this works out then no more forgotten passwords for me!

Keyloggers will still work. Not only that you can now trick anyone to type on your computer anything and analyse the pattern to figure out his password. Or you could watch over a telnet session, his web access, how he fills an web form etc to guess his password.

I seriously doubt if this technology will be of any use in applications with strong security concerns like banking etc.

Security Pipeline | Researchers: Your Typing Style Can Be Your Password

The way you type is as unique as your eye color or speech patterns and can be used instead of a password to protect your computer, researchers at Louisiana Tech and Penn State say.

What is not clear to me is how can it recognize and account for the delays when people are thiking, cogitating or simply chatting. Also typing patterns can be affected depnding on your state of mind.

Update: As Rob Abbe in comments have pointed out the technique will not work when they are drunk.

"We look at the time between keystrokes, and the time it takes to press a key," Phoha said. A percentage of the royalties will be plowed back into the research program, Phoha added.