Not worth considering as a 'fits all' solution, yes, but it still is worth considering for specialized cases; in general, those cases where the added inconenience is worth the added security. For example, some banks use effectively this for logging in to your online account. And that can be made to work with any device with a display and a keyboard:

  - computer shows challenge#

  - user types challenge# on bank supplied device

  - bank supplied device shows response

  - user types response on computer