Earlier quoted context omitted.
Such considerations might be overkill for flickr/posterous but that does leave your "secret" email address in the logs of every smtp relay along the way. Its sort of equivalent to putting a password in a URL.
"smtp relay along the way"? This isn't UUCP, the message will go from A to B across the internet backbone. There will only be SMTP relays along the way if either your email host or the receiver's email host has chosen to set things up that way. We'd have a much bigger problem with internet security if everyone's email was relayed through questionable servers as a matter of course.
More secure than no password, but not secure.