Yes, the whole point about encrypting passwords is that it cannot be read by examining the DB, by anyone let alone unauthorised eyes in the event of theft / hacking.
One way encryption, used by Bruce, also means that you cannot decrypt this incomprehensible text back to the original password. Like most crypto I guess it could eventually be broken but this is about as strong as I could possibly have wished for.
Anyone who has run the Migrator can see just how much processing power the PW encryption process actually takes compared to the other migration functions (Threads Topics etc)
Hope this helps
Nigel