Dunno,
Personally this:
<?php if ($password == ""):?>
HTML
<?php endif;?>
Is bad form.
Sure, it may be "valid" syntax
But, I for one would kick a developer off a team if he tried to lay that crap down.
But, then I'd also never use one that would want to write an embedded page.
Though I hate PHTML...
<?
if (!$something) {
?>
<?
}
?>
would work ok.