I'm a cryptography researcher and I can state with utmost certainty that SuperGenPass is flawed, insecure and will give users a false sense of security if they use it. Ignoring the obvious lack of security in the bookmarklet scheme itself (addressed above), here are just some cryptographic reasons why you should never use SuperGenPass:
MD5 is deprecated and has been for some time. MD5 cannot be relied upon for any form of security.
The author states that SuperGenPass is collision resistant (which is completely false, but irrelevant), however the basic security of the SuperGenPass scheme relies on PreImage resistance. It seems the author fails to understand this, citing it as 'other mathematical concerns'. This can easily be defeated even in 128 bit MD5 through use of rainbow tables, much less the author's hacked together 64-bit version. My estimate for the time it would take to crack a SuperGenPass generated password would be roughly 2 days on a home PC, based on current computer hardware.
The author of SuperGenPass asserts that security is assured due to hashing an indeterminate number of times. This is blatantly false as the 'indeterminism' is a function of password. Again, rainbow tables easily defeat this.
The author completely misunderstands the purpose of a salt. The salt should be randomly generated, not a product of some user-defined 'stealth password' (whatever that means). In this implementation, the 'stealth password' is merely obfuscation and provides no extra cryptographic security. For more information, see [http://en.wikipedia.org/wiki/HMAC#Design_principles]
There is no form of key strengthening, it is merely concatenated to the domain. Again, this can be defeated quite easily by rainbow tables.
An additional non-cryptographic issue:
By limiting to the domain, the author fails to take into account multiple pages on the same domain (think [hostingprovider].com/[user] or [user].[hostingprovider].com style pages). If you have a password with one site there, any site also on there can now impersonate them with no issue.
In conclusion, the author effectively seems to be trying to make a HMAC (Hash-based Message Authentication Code) and applying it to a website domain, but has made a rather kludgy, amateur attempt at it with little regard for well established cryptographic principles. Normally this would be fine, this is how we learn and I would have no issue. When it concerns other users security however, it is not fine as many users will be employing this method thinking that they are secure when they are in fact not. Sure, a forum account stolen here or there is not really such a big deal, but what about banks? Credit cards? Health records? Considering most US banks have the user's SSN on file, this then opens the door to identity theft.
The author is grossly irresponsible and possibly criminally negligent by releasing this software for the purposes of password security without even a cursory attempt to have it assessed by a security expert. It is extremely irresponsible to write software and release it based on the idea of 'thinking' it is secure, especially if you're not an expert in cryptographic constructs or computer security. If anyone has their password stolen while using SuperGenPass, I urge you to speak to a lawyer. You may have a civil case against the author.