Wow. I didn't notice this thread. Sorry.
No hidden elements. Passwords are generated randomly. There's a possibility of 2, 3 or 4 different passwords per stage per partner per difficulty level per name content. I forgot the number. I have it in my notes but whatever.
CV3 takes the following into consideration:
Player Name -- Every letter is assigned a value and each slot is assigned a value. All combined adds to a name value. There are only 8 possible values, if I remember right. Hence, "TREVOR " and "ABCDEFGH" yield the same result.
Stage -- The current stage you died on
Partner -- Whether you're alone, have Grant, Sypha, or Alucard. That will affect the password.
Difficulty -- It keeps track of if you're on Normal mode or Hard mode.
It factors all that in and then randomizes it. It's needlessly complex.
Here's my password generator if you ever forget to write down a password:
http://www.mediafire.com/download.php?5im4cq9zrcym156