It's pretty useless! When I login, I need to type my keyring password to allow network manager to connect to the network or to check my mail (evolution now stores passwords in a keyring). Pretty useless! Now, I have found article on fedoraproject.org page: http://fedoraproject.org/wiki/Tools/NetworkManager and this article describes, how to avoid keychain from asking for a password... but it requires kaychain password to be the same as your login password... so now my question is - why do we actually need this kaychain? In my humble opinion there should be an option to switch off keyring - as I don't need a selinux on my machine, I can switch it off, so I would like to switch off the annoying keychain facility.
Yes, the keychain is necessary. It's good security practice. If you don't want to use the keyring, we've enabled automatic keyring unlocking in rawhide. Just set your keyring password to the same thing as your login password, and it will be automatically unlocked at login. No extra password prompts needed. This feature is planned for Fedora 9. For details, see bug 250147 and https://www.redhat.com/archives/fedora-desktop-list/2007-November/msg00019.html