Earlier quoted context omitted.
Generally speaking, it's easier to remember a sentence that makes sense to you than an arcane sequence of letters, numbers, and symbols. You can even this up, of course, with mnemonics and such, but a sentence like "I have got to get me one of THESE!" has less "mental entropy" than "aem1eePe{a".
I'd say an "easy-to-remember sentence" also has lower (actual) entropy than "an arcane sequence of letters, numbers, and symbols". If an attacker knows you're using this password-generation system, she will probably try brute-forcing your passphrase, not the password it generates. I don't see how this is any more secure than having a normal password -- it's just security by obscurity. And in some sense it's worse, si…
Generally speaking, I go with the mnemonics, myself, rather than something like this.