Default Keyring Does not Unlock

So Here is the scenario:

You initially set your Ubuntu 11.04 up with "Auto-Login" enabled

Sometime down the road you go ahead and decide that's a bad Idea, and understandably if you search in Google you will quickly learn that discussing how it "should" work has more threads than the solution...

And what is the solution?
One suggestion is that you should go ahead and delete, then recreate the keyring.
-- The problem I have with this is that I have all of my passwords stored within there, as I'm sure a lot of people do.

So I'm asking here to learn more about the current functionality? ie. What mechanism is it that is failing?
My situation is that the keyring and login have the same password; I did however once upon a time clear it out(the keyring) in order to prevent having to type it in all the time, but set it back since then.

So, if anyone could assist me with this I would be extremely appreciative.

C