What is the keychain and what does it do for me?

As I recently upgraded to Mac OS 10.4.4 Tiger, I was reminded of the recurring keychain questions I am asked as I use my browsers. Since I do not know its function or security or privacy implications, I always elect not to engage the keychain function. Anyone out there know what it really does and what risks I accept if I allow it to do what it asks me?

As far as I know, there are no known security risks with it (at least no widely reported cases). I've used it for about three years, and have had no security problems with it. The UNIX programmer folks on here will have more specific technical information, but from a user standpoint it's perfectly safe to use. In fact, if you add other user accounts to your own computer, the other users can't even attempt to access it. It's pretty neat...
PowerBook G4 12 1.5GHz and a bag full of goodies! Mac OS X (10.4.4) 80GB HD, 512 MB ram, 300GB Maxtor OneTouch II FireWire 400 External HD.

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What is the keychain and what does it do for me?

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