I actually really like this idea of a one time password being equivalent to a remembered session based on a cookie. You get read only access with your OTP, an

I actually really like this idea of a one time password being equivalent to a remembered session based on a cookie. You get read only access with your OTP, and if you want to do something destructive or otherwise important, log in again with stricter authentication. Making all of your account available all of the time from one basic login seems like quite a bad idea for a sensitive account.