Earlier quoted context omitted.
If a database of bcrypted passwords from LNKD had been leaked, we'd be having a totally different conversation right now. (Same, of course, with scrypt etc.)
Like you can't break bcrypt... The weakest link, either in bcrypt or MD5 is the password quality. Of course, in pure MD5 today you're a google search away and modern computers can eat salted MD5 for breakfast But the easiest passwords are going to be broken first
If you use any reasonable cost for bcrypt, you're talking hundreds of milliseconds per attempt on a modern CPU. For each 6-character password (since you can't generate a rainbow table) at 100ms per pop, you're talking about something on the order of 2+ years per password divided by the number of CPUs. With something like 900 CPUs running continuously, you could expect to recover one 6-char every day if the passwords were randomly distributed in the 6-char alphanumeric space. So, pretty feasible, assuming a 100ms cost. Short passwords do hurt you; I agree.
Now for 8-char alphanumeric passwords, you'd have to run ~1 million CPUs continuously to expect to recover one per day at a 100ms-per-pop cost. This is more of a stretch, assuming you're trying to do this with, e.g., botnets. It seems that someone asking for help cracking a password list on a forum would probably not be able to assemble this much computing power.
Or 1 billion CPUs continuously to expect to recover one 10-char alphanumeric password per day.
Of course, the assumption of random alphanumerics is wrong, both because many people will use common passwords and because others will use non-alphanumeric character substitution.
At any rate, it seems to me that leaking non-salted SHA1 hashes is virtually the worst case disaster scenario, short of plaintext passwords.