What is the point of the NM keyring?

[Timothy Murphy]

Patrick O'Callaghan wrote:
>> But that made me wonder what possible point
>> the keyring password could have?
>> Is it intended as some kind of security device?
>> As far as I can see, you have to be logged in to run NM,
>> and if you are logged in you can delete this file.
>> 
>> I might say the same about the KDE wallet system.
>> How does this make one's part of the system more secure,
>> since it is open to you to change the wallet password,
>> or even to make it empty?

> The point is to allow you to store large numbers of passwords or
> encryption keys to be applied automatically when required (modulo the
> collaboration of the password-requiring agent of course), so you don't
> have to answer a challenge every time you use something that requires a
> password or key.

I'm almost convinced.

But what is the point of having large numbers of passwords,
if one password will open all the locks?