Another update: I deprecated the whole cookie thing. Instawallet will no longer make any attempts at trying to remember you. Please note: This means that it's now up to you to make sure you have a bookmark or similar to find your way back.
I thought it was a nice convenience function, but I have reconsidered this decision. Mostly I was worried about the possible confusion that can happen when people visit a specific Instawallet linked somewhere, then later return to the site and don't notice that they are redirected to an "old" Instwallet instead of a "fresh" one.
So starting from now on no new cookies will be set. But old cookies will continue to work until they expire (will take a while) or you clear them manually.