Lately I've been seeing a trend for showing passwords on forms. The logic here is – many users mistype because they can't see what they are typing (this is backed by data), and at the same time, on many conditions there is no security advantage. Sure, if there is someone looking at your monitor behind you it will be easier than seeing you type it (unless you are a very slow typer), but that is just one case.
So I think Hide/Show Password is a great idea. If you really want to, you can just hide the password, or show it. It is a JQuery/Zepto plugin and looks easy to use.