The answer by @djeikyb did not work for me; when I did this, my VNC client could not connect (and I did use echo -n to base64 encode my password.)
Instead, I stopped vino-server, restored my ~/.gconf/desktop/gnome/remote_access/%gconf.xml (to undo the change completely), ran vino-preferences (from a console) and entered my connection password in the preferences dialog, then logged off/logged back in (which restarts my vino-sever).
My 'login' password is the default (in seahorse), and my 'default' keyring
does not have a vino entry.
Now my client can connect and I don't have to unlock my keyring.
(Note: I'm running the latest update for vino-server on Ubuntu 11.10;
I think some bugs have been fixed in vino)