The SplashKey iPhone application is not even mentioned on their corporate web page, but you can stumble upon it by searching AppStore for a password generator.
This utility takes just one small portion of SplashID code that provides a password generating function. After installing it is up to you to choose a password length and one of the filters for creating a fully random password.
The strength indicator shows you the quality of the password, but in most of the cases the array of characters will be complex and therefor rather unbreakable.
Naturally, by minimizing the password length and special characters your passwords will be easier to remember but not so strong.
When the password is generated, clicking the "Email" button starts the Mail application and can send the phrase to the specified email address.
Too bad that iPhone doesn't provide users ability to copy/paste so the generated password cannot be used right there for setting up access to another application or a web based account. Without this, password generators on this platform have a really limited functionality.