Yes. It's way too common and sickening.

I first reported a similar issue to Rackspace Cloud 2/2/2010:

http://feedback.rackspacecloud.com/forums/71021-product-feed...

They still email new vps ROOT passwords with IP addresses. (At least they said they would fix it about 2 months ago.)

Perhaps there's not enough people that are bothered by this? There is this site: http://plaintextoffenders.com/