If no keyring exists I'm prompted to create a new keyring. If I say Deny, I get brought back to the access point passphrase box. It should just continue. If a keyring exists, I get prompted for the keyring passphrase to store the access point key, and again I can't opt out, or I'll get prompted for the access point passphrase again and NM won't continue. I should be able to not use the keyring to store passphrases for my access points.
It looks like this is working correctly now. Are you still seeing this?
Nope, seems fine now.