Not an efficient keylogger, however, if you know the pressed keys, you can just generate permutations ordered using probabilities, and that would be a lot faster than brute force.
The real deal here is, it depends on some js code updating the dom for each key press, which is BAAAD. Not an useless keylogger, because it reminds a vulnerability product of choosing a bad decision.
Interestingly the password "BAAAD" would generate 3 requests to the logging server, since it wouldn't request the background image for the letter "A" more than one time. Or shouldn't, anyway.
For example, there are about 41,000 possible passwords for a given set of 8 characters, out of around 96^8 possible 8 character passwords (in the ASCII character set).
This is 127,286,426,869 (~128bn) times smaller than 92^8.
Edit: Note that if you have a repeated character in your 8 charcter password then the number of permutations of the set of 8 (7 distinct) characters is further halved to 20,160.
Well it would also not come in the correct order if someone types their password wrong, deletes letters and re-types them, etc. But I assume the idea would be that you'd have a much easier time figuring out the password if you had all the keys they pressed.
I was replying to the comment above which pointed out correctly that the order in which the server receives the requests may differ from the order in which they were sent.