Good. It's always best to never share your password with a third-party. Even if you trust them, their database could be compromised, and your password along with it. The discontinuation of basic user authentication also removes the vector of brute force password attacks via Twiter's API.
All third-party applications must now use Twitter's OAuth.
So, that being the case… we have a feature request.
The other day, we came across some Twitter spam using a bit.ly link that pointed to an application called "Lady Gaga photos".
If you "Allow" the application, two things will happen: the account tweets spam and follows two new accounts (emoboyxx3 and BoyGeorge).