You are as strong as your weakest part. Any measures you can take to improve security are good, although this is not what I am doing.
I share the opinion that if people got access to your web.configs, you probably have problems to worry about.
I always make sure that any db names / passwords stored internally have only datareader / datawriter in the site database.
One thing you can do is encrypt them as part of your deployment using a build tool like MSBuild, NAnt, Rake, etc. therefore, it is not much effort and therefore more likely to be taken by your team
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