How secure is Keychain?

How secure is Keychain? It has all of my Airport passwords stored. The Keychain PW is the same as the machine PW, so the Keychain security is only as good as the machine PW. What level of encryption is offered by Apple?

Keychain uses Triple Digital Encryption Standard (3DES): http://images.apple.com/macosx/security/docs/MacOSXSecurityTB.pdf
It is reasonably secure. If someone knows your machine password, then they can also unlock your keychain. However, if someone gains access to your machine and just resets the password so they can login, or just copies the data, your keychain is still secure.

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