If you think your user's passwords are secure because you're using a 512-bit iterated hash salting algorithm, you're incredibly mistaken.

This article tells you why bcrypt should be the proper way to securely store our passwords:

http://codahale.com/how-to-safely-store-a-password/

Every day we hear about more systems being compromised, and frankly, I'm sick of my passwords getting stolen.  Let's start using secure password storage mechanisms instead of generic hashing algorithms and make the entire community more secure.