RE: "wasting" addresses:
caveden is right, this patch generates and throws away lots and lots of potential bitcoin addresses.
But there are 2^160 possible bitcoin addresses, which is a really, really big number. The chances of BioMike generating an address that matches my "gavin" address before we're all dead is approximately zero.
And davidonpda: I haven't tried to figure out how long 10 characters would take-- it is exponential in the number of characters, so 10 characters would probably take years...