These passwords will be a bunch of random characters. If your primary concearn is automated password cracking tools, these will be the most secure. The weakness is that users are too lazy to memorize them, and are apt to write them down on post-it notes and stick them on their monitor, under their keyboard, or someplace else in their work area.
Most computer and network attacks are inside jobs. If you're more concearned with people writing down passwords on a post-it for people to read, this scheme will take an easily memorable word and substitute characters for special characters that look like them. Usually, this will take a few guesses for an insider, which can trip your intrusion detection system or cause a suspension. The weakness is that automated password cracking software will find these pretty quickly. Some users will always write down their password.