I agree. At the very least I would like to see {Member_Password} added to the Individual Member Activation email.
One of the problems I'm having is this... when you add a new member manually, they do not receive any emails saying they have been added as a new member. I have, however, figured out a work-around.
1. Add new member with membership status of "Pending-New"
2. Publish
3. Edit
4. Switch membership status to "Active"
5. Publish
When they are switched to active, this triggers the system to send the Member Activation Email. This is great, but they have no way of knowing the password I've set them up with (I'm typically using something generic like "password").
What I have been doing is right before I add a new member I will go to settings and change the Member Activiation Email to inlcude something like "Your temporary password is "password". Please be sure to change this password as soon as possible". Then I will add my new member. Then I will go back to settings to take this language out because if I have someone apply online, I don't want them to get confused and think that their password is "password" when they chose something different when they applied!
So if there is any way to make this process easier, I would appreciate it!!! I think making the {Member_Password} macro available in all emails would be a huge step in the right direction.