The real problem I see is that people close to you probably know the answers. Sure they may keep people you don't know out, but people who know you can cause issues. Normally not an issue, but ask anyone who has gone through an ugly divorce how nasty things can get.
The other thing is some of the questions have answers that change, "Who is your favorite author/band/etc.".
Personally I don't think that "security questions" should even be an option. I don't have a better solution, other than don't forget/lose your password. Maybe a two e-mail verification system. Don't know your password, we send a four digit code to two different e-mail addresses and you have to enter both to access your account.--
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