Yesterday I was singing the praises of Keychain, and I still stand by my assessment. Keychain is a key feature of OS X that makes it stand apart from Windows. But what happens if you forget your Keychain password? You know, the password that lets you access all your other, heavily encrypted data?
That is exactly what happened to one poor soul who put the question to the MetaFilter community. It isn't as bad as forgetting your FileVault password, however, the sad truth of the matter is that you're going to have to generate yourself a new Keychain folder and starting from scratch. I know it sucks, but that is the price we pay for security. If you are in the same situation check out the MetaFilter discussion for the steps you need to take.