This is good for lab situations. If you loose the password you'll have to buy a new eeprom board. For this reason we recommend putting the password in a sealed envelope in a secure location, preferably a safe. This way if you ever leave the university or are unavailable when the system needs booting authorized people can retrieve the password. Although old, COPS is still useful for this function.
Titan is another, most recent security checker and OS hardening tool.
One of the biggest reason for this proliferation of bugs is the basic design relies upon upon hosts trusting each other to provide correct information. For this reason we strongly recommend using AFS and kerberos instead. Disallowing root logins is done by default in the Solaris 2.x setup. Auditing requiries daily monitoring of the system. It should be used for high-end mission critical production servers.