Heh.
Well the idea is either the account will lock or there is some sort of captcha protection. I would hope Hotmail(and pretty much every system) uses one of those two. So it doesn't matter how many attempts you can do in a second, you get 5.
Most complexity requirements out there aren't needed and are just a needless PITA. What is needed is maximum password age. Simply to protect people against more conventional attacks, someone glancing over your shoulder, giving it out to someone you trusted and it leaks out somehow, etc.
Anyways, off topic, but that's my opinion piece
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